FAAC: FG, states, LGCs share N1.203trn for August

The Federation Accounts Allocation Committee (FAAC), has shared N1.203 trillion revenue among the Federal Government, states and Local Government Councils (LGCs).

According to a communique issued by FAAC after its meeting on Tuesday, the N1.203 trillion total distributable revenue comprised statutory revenue of N186.636 billion, and Value Added Tax (VAT) revenue of N533.895 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion and Exchange Difference revenue of N468.245 billion.

The communiqué indicated that total revenue of N2.278 trillion was available in August.

It said that total deduction for cost of collection was N81.975 billion, while total transfers, interventions and refunds were N992.617 billion.

According to the communiqué, gross statutory revenue of N1.221 trillion was received for the month of August.

“This was lower than the sum of N1.387 trillion received in July by N165.994 billion.

“Gross revenue of N573.341 billion was available from VAT in August. This was lower than the N625.329 billion available in the month of July 2024 by N51.988 billion,” it said.

The communiqué said that from the N1.203 trillion total distributable revenue, the Federal Government received the sum of N374.925 billion and the state governments received total sum of N422.861 billion.

“The LGCs received a total sum of N306.533 billion, and a total sum of N99.474 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

According to the communique, from the N533.895 billion VAT revenue, the Federal Government received N80.084 billion, the State Governments received N266.948 billion and the LGCs received N186.863 billion

It said that a total sum of N2.252 billion was received by the Federal Government from the N15.017 billion EMTL.

The state governments received N7.509 billion and the LGCs received N5.256 billion.

It said that Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, EMTL, CET Levies and Companies Income Tax (CIT) all recorded decreases

It said that the balance in the Excess Crude Account (ECA) was 473,754.57 dollars.