FG, States, LGs share N682.060 billion for August

 

The balance in the Excess Crude Account (ECA) as of September 17 was $72.409 million.

 The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N682.06 billion as federation allocation for the month of August.

 

This disclosure was made at a FAAC virtual meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa- Dutse.

 

According to a communique shared on Thursday, the amount, inclusive of Value Added Tax, was shared among the three tiers of government.

 

The gross statutory revenue of N531.830 billion was received for August, which is lower than the N543.788 billion received in the previous month by N11.958 billion.

 

The gross revenue available from the Value Added Tax (VAT) was N150.230 billion as against N132.619 billion available in the previous month, resulting in an increase of N17.611 billion.

 

The communiqué issued also indicated that from the total distributable revenue of N682.060 billion; the federal government received N272.905 billion, the state governments received N197.648 billion and the local government councils received N147.422 billion.

 

The oil-producing states received N30.881 billion as 13 per cent derivation revenue, while the cost of revenue collection and transfers collectively had an allocation of N33.205 billion.

 

The federal government received N251.948 billion from the gross statutory revenue of N531.830 billion; the state governments received N 127.791 billion and the local government councils received N98.522 billion. N30.881 billion was given to the relevant states as a 13 per cent derivation revenue and N22.689 billion was the collective total for the cost of revenue collection, transfers, and refund to agencies.

 

The federal government received N20.957 billion from the Value Added Tax (VAT) revenue of N150.230 billion. The state governments received N69.857billion; the local government councils received N48.900 billion, while the cost of revenue collection and transfers collectively had an allocation of N10.516 billion.

 

The communiqué stated that for the month of August, Oil and Gas Royalty, Companies Income Tax (CIT), Import and Excise Duty and Value Added Tax (VAT) increased considerably, while Petroleum Profit Tax (PPT) decreased significantly.

 

The balance in the Excess Crude Account (ECA) as of September 17 was $72.409 million.