FG, States, LGCs Get N673.137bn Allocation In August – FAAC
A total sum of N673.137 billion was shared to the federal government, states and local government councils (LGCs) for August allocation, the Federation Account Allocation Committee (FAAC) has disclosed.
The committee made this known in a communiqué issued at the end of its meeting for September.
It explained that from the total distributable revenue, the federal government received N259.641 billion, state governments, N222.949 billion and local government councils (LGCs), N164.247 billion.
Also, a sum of N26.301 billion was shared to the relevant states as 13 per cent derivation revenue.
According to FAAC, the N673.137 billion total revenue comprised distributable statutory revenue of N437.871 billion, value added 5ax (VAT) of N215.266 billion and augmentation of N20 billion from the non-oil excess revenue.
While the total deductions for cost of collection was N35.487 billion and transfers and refunds at N176.907 billion, the balance in the excess crude account (ECA) stood at $470,599.54 in August.
Gross statutory revenue of N654.360 billion was received for the month of August 2022, lower than the sum of N1,066.845 billion received in the previous month by N412.485 billion, FAAC stated.
It also disclosed that from the N437.871 billion distributable statutory revenue, the federal government received N216.815 billion; state governments, N109.972 billion, and LGCs, N84.783 billion.
“The sum of N26.301 billion was shared to the relevant States as 13 per cent derivation revenue,” it said.
Gross revenue, for the review month, available from the VAT was N231.171 billion, higher than the N190.256 billion available in the month of July by N40.915 billion.
It stated, “The Federal Government received N32.290 billion, the State Governments received N107.633 billion and the Local Government Councils received N75.343 billion from the N215.266 billion distributable Value Added Tax (VAT) revenue.”
The committee further explained that from the N20 billion augmentation from the non-oil excess revenue the federal government received N10.536 billion; state governments, N5.344 billion and LGCs got N4.120 billion.
“In the month of August 2022, Value Added Tax (VAT), Import and Excise Duties recorded significant increases. However, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties decreased considerably,” the committee added.