FAAC: FG, states, LGCs share N1.1trn for August

The Federation Account Allocation Committee (FAAC), has shared the sum of N1.1 trillion to the Federal Government, states and Local Government Councils (LGCs) for August.

This is contained in a communiqué issued by the FAAC at its September meeting.

The communiqué said that the N1.1 trillion total distributable revenue comprised statutory revenue of N357.398 billion, Value Added Tax (VAT) revenue of N 321.941 billion and Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion.

It also comprised Exchange Difference revenue of N229.568 billion and Augmentation of N177.092 billion.

The communiqué said total revenue of N1.48 trillion billion was available in the month of August 2023.

“Total deductions for cost of collection was N58.755 billion, total transfers and refunds was N254.046 billion and savings was N71 billion.

“Gross statutory revenue of N 891.934 billion was received for the month of August 2023. This was lower than the N1.1 trillion received in the month of July by N258.49 billion.

“The gross revenue available from VAT was N345.727 billion. This was higher than the N298.78 billion available in the month of July by N46.938 billion,’’ it said.

It said that from the N1.1 trillion total distributable revenue, the Federal Government received N431.245 billion, the state governments received N361.188 billion and the LGCs received N266.538 billion.

“A total sum of N26.473 billion, (13 per cent of mineral revenue) and N14.657 billion (13 per cent of savings from NNPCL), were shared to the relevant states as derivation revenue.

“From the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, the state governments received N87.800 billion and the LGCs received N67.690 billion.

:The Federal Government received N48.291 billion, the state governments received N160.971 billion and the LGCs received N112.679 billion from the N321.941 billion distributable VAT revenue,” it said.

The communiqué said the N14.102 billion EMTL was shared among the three tiers of government.

“The Federal Government received N2.115 billion, the state governments received N7.051 billion and the LGCs received N4.936 billion.

“The Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue.

“The state governments received N58.048 billion, and the LGCs received N44.752 billion.

“The sum of N12.027 billion (13 per cent of mineral revenue) and N0.296 billion (13 per cent of savings from NNPCL) went to the relevant states as derivation revenue,’’ it said.

It said that from the N177.092 billion augmentation, the Federal Government received N93.292 billion, the state governments received N47.319 billion and the LGCs received N36.481 billion.

“In the month of August, VAT, Import and Excise Duties and EMTL increased considerably while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases.

“The balance in the Excess Crude Account (ECA) was 473.75 million dollars.