More money as FG, states, local govts share N1.1trn

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

This is more than the N966 billion shared in July.

According to the FAAC communique, 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 LGs received N67.690 billion.