FG, States and LGCs share N673.137b for August – WorldStage

WorldStage Newsonline—Nigeria’s Federation Accounts Allocation Committee (FAAC) has shared N673.137 billion with the three tiers of government as the federation’s allocation for the month of August.

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

The N673.137 billion included gross statutory revenue, value added tax (VAT) and an increase in non-oil surplus revenue.

The statement issued at the end of the meeting stated that the VAT gross disposable income for the month of August was N215.266 billion.

The amount was an increase distributed the previous month.

“The breakdown is as follows: Federal government got 32.290 billion naira, states got 107.633 billion naira, local government councils got 75.343 billion naira.

The statement said the gross statutory income of N437.871 billion distributed is lower than the sum received in the previous month.

It was from this that the Federal Government received the sum of 216.815 billion Naira, the States obtained 109.972 billion Naira, the LGCs obtained 84.783 billion Naira and the Petroleum Diversion (13% of mining revenue) received obtained 26.301 billion naira.

“Furthermore, the N20 billion increase in non-oil surplus revenue now converted into distributable revenue has been shared among the three levels of government as follows; the Federal Government received N10.536 billion, the States received N5.344 billion, the LGCs received N4.120 billion.

The statement further indicates that VAT, import and excise duties recorded significant increases, while corporate income tax (CIT), petroleum profits tax (PPT), oil and gas royalties have dropped significantly.

It was further revealed that the total distributable income for the current month of August came from statutory income of N437.871 billion and VAT of N215.266 billion.

Revenue was also driven by the N20 billion increase in non-oil surplus revenue, which brought the total distributable for the month to N673.137 billion.

However, the Excess Crude Account (ECA) balance as of September 23 stands at $470,599.54 million.

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