The Federal Account Allocation Committee (FAAC) on Thursday disclosed that the three tiers of government shared the sum of N740.880 billion in August from revenue accruals to the Federation Account during the month.
A breakdown of shared revenues to the tiers of government showed that Federal Government got N301.804 billion, representing 52.68 per cent, while the 36 states and the Federal Capital Territory Administration received N188.925 billion or 26.72 percent of the allocations compared to local governments’ allocation totalling N142.654 billion, representing 20.60 percent.
Similarly, while the oil producing states received N43.513 billion as 13 per cent derivation revenue, the revenue agencies were also refunded the sum of N43.984 billion which was the cost of collections and transfers by them.
A communiqué issued by the FAAC at the end of its meeting today in Abuja indicated that the Value Added Tax (VAT) collections during the month dipped by N6.07 billion to N88.082 billion from the previous month’s N94.159 billion distributed to the three tiers of government
It also reflected that the distributed statutory revenue of N631.796 billion for the month was lower than the N674.365 billion shared by them in July by N42.569 billion.
The communiqué further stated that,revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably, while Value Added Tax (VAT), Royalties, Import and Excise duties dropped.
However, an additional N20 billion from the Forex Equalization Account was also shared among the three tiers of government, thereby bringing the total distributable revenue to N740.880 billion in the month under review.
The FAAC stated that as at August 19th, the Excess Crude Account (ECA) stood at $328.122m.
