SEPTEMBER : FG, States, LGs Share N648.71bn

THE Federal, state, and local governments on Friday shared a total sum of N648.71 billion for the month of September.

Mrs Zainab Ahmed, the Minister of Finance announced this at the end of the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja.

The minister stressed that the gross statutory revenue for the month is N569.3 billion naira which is N57.9 billion less than the N627.14 billion shared in August.

The minister, who presided over the FAAC meeting, noted the need for the three tiers of government to save.

She also challenged members of the committee to maintain transparency and instil a saving culture for the rainy day in various states.

The next FAAC meeting is expected to hold during the National Council of Finance and Economic Development Conference in Kaduna, scheduled for Wednesday, November 28.

The report of the Committee on the Excess Crude Account is expected to be presented at the meeting.