The Federation Accounts Allocation Committee (FAAC) has shared ₦682.060 billion August 2020 federation account revenue to the Federal, States and Local Government Councils and agencies.
Permanent Secretary in the Federal Ministry of Finance, Dr. Mahmud Isa-Dutse, who made this known today, September 17, after the monthly Federation Account Allocation Committee (FAAC) meeting through virtual conferencing, said that the gross statutory revenue of ₦531.830 billion was received for the month of August 2020.
This was lower than the ₦543.788 billion received in the previous month by ₦11.958 billion.
The gross revenue available from the Value Added Tax (VAT) was ₦150.230 billion as against ₦132.619 billion available in the previous month, resulting in an increase of ₦17.611 billion.
A communiqué by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of ₦682.060 billion; the Federal Government received ₦272.905 billion, the State Governments received ₦197.648 billion and the Local Government Councils received ₦147.422 billion.
The Oil Producing States received ₦30.881 billion as 13% derivation revenue, while cost of revenue collection and transfers collectively received an allocation of ₦33.205 billion.
The Federal Government received ₦251.948 billion from the gross statutory revenue of ₦531.830 billion; the State Governments received ₦127.791 billion and the Local Government Councils received ₦98.522 billion.
₦30.881 billion was given to the relevant States as 13% derivation revenue and ₦22.689 billion was the collective total for cost of revenue collection, transfers and refund to agencies.
The Federal Government received ₦20.957 billion from the Value Added Tax (VAT) revenue of ₦150.230 billion. The State Governments received ₦69.857billion; the Local Government Councils received ₦48.900 billion, while cost of revenue collection and transfers collectively had allocation of ₦10.516 billion.
The communiqué stated that for the month of August 2020, 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 at 17th September, 2020 stands at $72.409 million.