According to the Federal Account Allocation Committee (FAAC), N673.137 billion was distributed across the three levels of government as federation allocation in August. This was said in a statement published on Friday by the Director of Information and Press, Mr Phil Abiamuwe-Mowete.
The Federal Government earned the largest part of N259.641 billion, the states received N222.949 billion, and the Local Government Councils received N164.247 billion, according to the announcement. In addition, the N673.137 billion included Gross Statutory Revenue, Value Added Tax, and Non Oil Excess Revenue.
The statement indicated that the Gross Revenue available from the VAT for August was N215.266 billion, an increase distributed in the preceding month. Adding that the Gross Statutory Revenue of N437.871 billion distributed, was lower than the sum received in the previous month.
The statement read, “The distribution is as follows: federal government got N32.290 billion, the states received N107.633 billion, local government councils got N75.343 billion.
“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.
“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.”
According to the communiqué, VAT, Import and Excise Duties increased significantly, whereas Companies Income Tax, Petroleum Profit Tax, and Oil and Gas Royalties reduced significantly.
It was also revealed that the total revenue distributable for the month of August was N437.871 billion from Statutory Revenue and N215.266 billion from VAT.
The revenue was additionally supplemented by N20 billion in Non Oil Excess Revenue, bringing the total distributable for the month to N673.137 billion. However, as of September 23, 2022, the amount in the Excess Crude Account is 470,599.54 million dollars.
