Monthly allocation: FG, states, local governments share N604.004bn in October

Monthly allocation: FG, states, local governments share N604.004bn in October

- The Federation Accounts Allocation Committee has shared the allocation for the month of October to all the three tiers of government

- The federal government got a larger share of the allocation; N220.751 billion

- States and local governments received N161.825 billion and N120.588bn respectively

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The Nigerian government at all levels, the federal, states and local governments, shared N604.004bn as federation allocation revenue for the month of October 2020.

Daily Trust reports that the Federation Accounts Allocation Committee (FAAC) announced the figure after its meeting on Wednesday, November 18.

The meeting was chaired by the Permanent Secretary of the Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed.

FAAC: FG, states, local governments share N604.004bn as monthly allocation in October

Monthly allocation: FG, states, local governments share N604.004bn in October. Photo credit: @FinMinNigeria
Source: Twitter

Breakdown of the sharing

The federal government received N220.751 billion, the states got N161.825 billion while the local governments got N120.588bn.

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Also, the oil-producing states received additional N31.902 billion as derivation (13% of mineral revenue) while the agencies benefiting from Cost of Collection/Transfer and Refunds got N48.939 billion.

Meanwhile, Nigerians might be in for a hard time as the nation's economy is under serious pressure.

This is as a result of the poor earnings from oil and non-oil sectors. According to the minister of state for petroleum resources, Timipre Sylva, the earnings for the country have dropped by 60%.

The minister made this known to journalists after a closed-door meeting with President Muhammadu Buhari at the State House, Abuja, on Monday, November 16.

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Similarly, following the decrease in Nigeria's income, the minister of finance, budget, and planning, Zainab Ahmed, has said the country’s revenue leakages are making her lose sleep.

Coronavirus: FG’s earnings reduced by 60%, amidst low oil prices, says Sylva

The minister made this known while responding to a question posed to her by Poju Oyemade, senior pastor of Covenant Christian Centre, during The Platform in Lagos.

In other news, Nigeria’s inflation rate has jumped to 14.23% (year-on-year) in October 2020 from 13.71% recorded in September 2020.

This was contained in the consumer price index report released by the National Bureau of Statistics (NBS) on Monday, November 16.

Legit.ng notes that the report which was published on the website of the NBS shows that the new inflation rate is 0.52% points higher than the rate recorded in September 2020.

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