Oyo state government received the sum of N4.41 billion as total net allocation from the federation account in October 2019 for the revenue generated in September 2019.
The document released on Tuesday by the National Bureau of Statistics, NBS, seen by InsideOyo.com, showed that the Federation Account Allocation Committee (FAAC) disbursed the sum of N740.87bn to the three tiers of government in the state period.
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.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.34bn, N10.99bn and N3.644bn respectively as cost of revenue collections.
Gross allocation to local goernment areas for the period amount to N4.23 billion excluding deductions, VAT and exchange gain allocation.
Insideoyo.com recalls that Governor Seyi Makinde pledged to increase the internal generated revenue of the state. He also promised to ensure that the state does not rely heavily on the federal allocation.
