Over N673.137bn Federation Allocation Shared For August

Digiqole ad

The Federation Account Allocation Committee (FAAC), has shared N673.137bn to the three tiers of government as federation allocation for August.

This is contained in a statement issued by Mr Phil Abiamuwe-Mowete, the Director (Information/Press) on Friday.

The Federal Government received N259.641bn, the states received N222.949bn, and the Local Government Councils got N164.247bn.

The N673.137bn was inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and an Augmentation of Non Oil Excess Revenue.

The communiqué issued at the end of the meeting indicated that the Gross Revenue available from the VAT for August was N215.266 billion.

The amount was an increase distributed in the preceding month.

“The distribution is as follows: Federal Government got N32.290bn, the States received N107.633bn, Local Government Councils got N75.343bn.

The communique said the Gross Statutory Revenue of N437.871bn distributed was lower than the sum received in the previous month.

This is from which the Federal Government was allocated the sum of N216.815bn, states got N109.972bn, LGCs got N84.783bn, and Oil Derivation (13 per cent mineral revenue) got N26.301bn.

“Also, the N20 billion Augmentation of Non Oil Excess Revenue now converted to distributable revenue was shared to the three tiers of government as follows; the Federal Government received N10.536 billion, states got N5.344 billion, LGCs received N4.120bn.”

The communiqué further said that VAT, Import and Excise Duties recorded significant increases, while Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties decreased considerably.

It was further disclosed that total revenue distributable for the current month of August was drawn from Statutory Revenue of N437.871 billion, and VAT of N215.266bm.

The revenue was also drawn from N20bn Augmentation of Non Oil Excess Revenue which brought the total distributable for the month to N673.137bn.
However, the balance in the Excess Crude Account (ECA), as at Sept. 23 stands at 470,599.54 million dollars.

Digiqole ad

Related post