Abia Receives N4.3bn From FAAC for Sept, 2019

* Ikpeazu
Abia State Government has received N4,350,747,536.32 being total net amount of its  allocation from Federation Account Allocation Committee (FAAC) from revenue earned in August, 2019, butu shared in September

The State received total gross amount of N5,208,282,242.88, and had deductions for external debt for N49,089,114.18 and other deductions for N808,445,592.38

FAAC disbursed the sum of N740.87bn to the three tiers of government in September 2019 from the revenue generated in August 2019.

The amount disbursed comprised of N610.04bn from the Statutory Account, N20bn from Forex Equalisation Account, N1.754bn from Excess Bank Charges Recovered for the Month, N88.08bn from Valued Added Tax (VAT) and N1bn exchange gain differences.

Federal Government received a total of N310.97bn from the N740.87bn. States received a total of N193.57bn and Local Governments received N146.23bn. The sum of N48.74bn was shared among the oil producing states as 13% derivation fund.

source: National Bureau of Statistics

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