The Federation Accounts Allocation Committee (FAAC) has announced it shared the sum of N696.965 billion as federal allocation for the month of August, with Gross Revenue available from VAT at N166.228 billion.
This was disclosed in a statement by Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning on Thursday, in Abuja.
The Ministry revealed in the statement that the FAAC committee meeting was held virtually on Wednesday. The committee revealed in a communique that the sum of N696.965 billion was shared. They added that the Federal Government received N289.257 billion, the states got N217.183 billion and the Local Governments (LGs) received N161.541 billion.
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It was stated also that the total amount shared was inclusive of Value Added Tax (VAT), Exchange Gain, Excess Bank Charges and revenue from Non-Oil.
Oil-producing states received N41.376 billion as derivation (13 per cent of Mineral Revenue). The Gross Revenue available from the VAT for August was N166.228 billion.
“The distribution was as follow: The Federal Government got N24.934 billion, the states received N83.114 billion and Local Government Councils got N58.180 billion.”
The communique further stated that the sum of N50 billion from Non-Oil revenue was equally distributed accordingly to the three tiers of government. It said that the Federal Government received N26.340 billion; the States got N13.360; while the LGs received N10.300 billion.
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“The distributed Statutory Revenue of N477.504 billion was received for the month. Federal Government received N236.437 billion, states got N119.924 billion, LGCs got N92.4456 billion, and Derivation (13 per cent Mineral Revenue) got N28.687 billion,” they said.
The communique also revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty recorded decreases, while Import Duty and VAT increased significantly.
It stated that total revenue distributable for the current month was inclusive of Gross Statutory Revenue of N477.504 billion, VAT of N166.228 billion, Exchange Gain of N2.830 billion, Excess Bank Charges Recovered of N0.403 billion and N50 billion from Non-Oil revenue.
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In case you missed it
Recall Nairametrics reported earlier this week that the Federation Accounts Allocation Committee (FAAC) shared the sum of N760.717 billion as revenue for the month of July to the Federal, State, and Local Governments.
This figure represents an N27.622 billion increase when compared to the N733.095 billion that was distributed as available revenue for the month of June 2021.