A communiqué issued at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja reveals that the revenue which was distributed from the Federation Account amounted to N440. 472 billion, another N49. 574 billion came from proceeds of the Value Added Tax (VAT) while N113.398 billion was drawn down from the excess crude oil account to augment the revenue which was less than what was budgeted.
The N788.54 billion gross revenue received in October was lower than that of September earning of N924.523 billion with an indication of about N 135.977 billion difference.
Following the distribution among the three tiers of government, the federal government takes N216. 186 billion; state governments (N130.617 billion) and the 774 local governments have N98.941 billion while the nine oil producing states received an additional N44.402 billion, representing the 13 per cent derivation from oil and gas revenue for the month.
The sum of N264.548 billion was transferred into the Excess Crude Account; while the Nigeria Customs Service and the Federal Inland Revenue Service also got N2.488 billion and N2.744 billion representing the cost of collection of revenue within the period under review.