The Federation Accounts Allocation Committee (FAAC) yesterday at the end of its virtual meeting disclosed that the three tiers of government shared a total sum of N682.060 billion from the federation account as their allocations for the month of August 2020.
Out of the sum, inclusive cost of collection to NCS, DPR and FIRS, the Federal Government collected N272.905 billion, the States got N197.648 billion, the Local Governments shared N147.422 billion, while the oil producing states received N30.881 billion as 13% derivation entitlement and cost of collection/transfer and refund amounted to N33.205 billion.
The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa- Dutse, indicated that the Gross Revenue available from the Value Added Tax (VAT) for distribution in August totalled N150.230 billion as against N132.619 billion distributed in the preceding month of July, representing an increase of N17.611 billion.
From the VAT collections, the Federal Government got N20.957 billion, the States received N69.857 billion, Local Governments got N48.900 billion, while the cost of collection/transfer and refund totalled N10.516 billion.
Also, the distributed Statutory Revenue of N531.830 billion received for the month was lower than the N543.788 billion distributed to the tiers of government the previous month by N11.958 billion. Out of the N531.830 billion, the Federal Government received N251.948 billon, States shared N127.791 billion, Local Governments got N98.522 billion, Derivation (13% Mineral Revenue) got N30.881 billion and cost of collection/ transfer and refund amounted to N22.689 billion.
The communique also indicated that Oil and Gas Royalty, Companies Income Tax (CIT), Import Duty, Excise Duty and Value Added Tax (VAT) considerably increased compared to the Petroleum Profit Tax (PPT) which significantly dropped.
The FAAC further disclosed that the total revenue distributable for the month, including Value Added Tax (VAT), totalled N682.060 billion, while the balance in the Excess Crude Account as at 17th September, 2020 was $72.409million.
