AMINA HUSSAINI
The Federation Accounts Allocation Committee (FAAC) has disbursed the sum of N682.06 billion to the three tiers of government being revenue generated in the month of August.
The Director of Information, Federal Ministry of Finance, Budget and National Planning, Hassan Dodo, disclosed this in a statement on Thursday.
The monthly FAAC is presided over by the Permanent Secretary in Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse and attended by Accountant General of the Federation, Idris Ahmed.
Dodo noted that the amount distributed in August represents an increase of N5.653 billion over the N676.407 billion revenue shared in July 2020.
Statutory revenue accounted for N531.830 billion of the total revenue in August, while Value Added Tax and 13 percent derivation totalled N150.23 billion and N30.881 billion, respectively.
The Federal Government received the lion’s share of the statutory revenue of N251.948 billion, while States and Local Governments got N127.791 billion and N98.522 billion, respectively.
The FAAC also allocated N30.881 billion to derivation.
Of the N150.23 billion VAT generated in August, the States received N69.857 billion, the Federal Government (N20.957 billion) and Local Governments (N48.9 billion).
Meanwhile, the FAAC revealed that oil and gas royalty, companies income tax, import duty, excise duty and value-added tax increased considerably, while petroleum profit tax decreased significantly.
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