Home BUSINESS BANKING & FINANCE Federal, States, Local Governments Share N673.137 Billion For August Allocation

Federal, States, Local Governments Share N673.137 Billion For August Allocation

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

A statement by the Director (Information/Press), Phil Abiamuwe-Mowete, said that Federal Government received N259.641 billion, the states received N222.949 billion, and the Local Government Councils got N164.247 billion.

The statement explained that the N673.137 billion is 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 N32.290 billion, the States received N107.633 billion, Local Government Councils got N75.343 billion.

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

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

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“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 N4.120 billion.”

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

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

The revenue is also drawn from N20 billion Augmentation of Non-Oil Excess Revenue which brought the total distributable for the month to N673.137 billion.

However, the balance in the Excess Crude Account (ECA), as of Sept. 23 stands at 470,599.54 million dollars.

Source: NAN.

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