FAAC: FG, States, LGAs share N740.880bn for August

The Federal Government, States and Local Government Areas (LGAs) on Thursday shared N740.88 billion as federal allocation for the month of August.

This is contained in a communique issued at the end of the Federation Accounts Allocation Committee (FAAC) meeting and signed by Mr Ahmed Idris, the Accountant-General of the Federation (AGF), in Abuja.

The shared amount comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.

The communique said that the gross statutory revenue of N631.79 billion received for August was lower than the N674.36 billion received in the previous month by N42.56 billion.

It added that, revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably, while VAT, Royalties, Import and Excise Duties recorded decreases.

It also said that the gross revenue available from VAT for August was N88.08 billion as against the N94.15 billion that was distributed in July, resulting in a decrease of N6.07 billion.

However, additional N20 billion from the Forex Equalisation Account would be shared accordingly among the three tiers of government, it said.

It also said that Exchange Gain yielded a total revenue of N1.002 billion.

On the sharing formula, overall, the Federal Government received N301.8 billion representing 52.68 per cent, while states received N188.92 billion or 72 per cent.

The communique said that Local Governments received N142.65 billion, representing 20.60 per cent.

It added that mineral producing states received N43.51 billion as 13 per cent derivation revenue, while revenue collecting agencies received N43.98 billion as cost of collection.

He added that the Excess Crude Account (ECA) balance stood at 328.12 million dollars.