FG, states, LGs share N2.35trn August revenue

The Federal Government, states, and local Government Councils (LGs) have shared N2.25 trillion from the federation account as revenue for August.

The disbursement was made during theo Federation Account Allocation Committee (FAAC) meeting held in Abuja on Wednesday.

According to a communiqué issued by FAAC, the N2.25 trillion distributable revenue comprised N1.48 trillion statutory revenue and N672.90 billion Value Added Tax (VAT).

It also comprised N32.34 billion Electronic Money Transfer Levy (EMTL) and N41.28 billion from Exchange Difference.

The communiqué said that the total gross revenue available in August was N3.64 trillion.

“From this amount, N124.84 billion was deducted for collection costs, while N1.29 trillion was set aside for transfers, interventions, refunds, and savings,” it said.

It said that VAT revenue rose to N722.62 billion in August compared to N687.94 billion in July, showing an increase of N34.68 billion.

“From the N1.48 trillion statutory revenue, the Federal Government received N684.46 billion, state governments received N347.17 billion, and LGs received N267.65 billion.

“Oil-producing states got N179.31 billion as 13 per cent derivation revenue,” the communiqué said.

It said that out of the N672.90 billion VAT revenue, the Federal Government received N100.94 billion, state governments received N336.45 billion, and LGs received N235.52 billion.

“From the N32.34 billion EMTL revenue, the Federal Government received N4.85 billion, states got N16.17 billion, while local government councils received N11.32 billion.

“From the N41.28 billion Exchange Difference, the Federal Government received N19.80 billion, state governments received N10.04 billion, and the LGs received N7.74 billion.

“Oil-producing states got N3.70 billion as derivation revenue,” it said.

The communiqué further said that gross statutory revenue in August stood at N2.84 trillion, a drop of N231.91 billion compared to N3.07 trillion recorded in July.

It said that oil and gas royalties, VAT, and CET levies recorded increases, while revenues from Petroleum Profit Tax (PPT), Companies Income Tax (CIT), import duty, EMTL, and excise duty declined.