Thursday, July 7, 2022

FG, states, LGs share N697bn for August

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The Federation Accounts Allocation Committee (FAAC) has shared N696.965billion as federation allocation for August 2021.

Oshundun Olajide, Deputy Director (Information), Ministry of Finance, provided details of the communique on Thursday.

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The Federal Government received N289.257billion; states got N217.183billion; Local Governments received N161.541billion.

The total amount shared was inclusive of Value Added Tax (VAT), Exchange Gain, Excess Bank Charges and revenue from Non-Oil.

The oil-producing states received N41.376billion as derivation (13 per cent of Mineral Revenue).

The Gross Revenue available from the VAT for August was N166.228billion.

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In the distribution: the FG got N24.934billion; states received N83.114billion; LGs – N58.180billion.

The sum of N50billion from Non-Oil revenue was also distributed accordingly: FG – N26.340billion; States – N13.360billion; LGs – N10.300billion.

The Statutory Revenue of N477.504 billion was shared for the month. Federal Government – N236.437 billion; States N119.924billion, LGs – N92.4456billion.

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The communique revealed Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty recorded decreases; Import Duty and VAT increased significantly.

FG, states, LGs share N697bn for August


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