FG, states, LGCs share N673.137bn from Federation Account in August

The Federation Account Allocation Committee (FAAC) has shared N673.137 billion to the federal, states and local governments as federation allocation for the month of August 2022.

The Director of Information/Press of the Federation Account Allocation Committee (FAAC), Phil Abiamuwe-Mowete, in a statement on Friday, gave the breakdown, indicating that the Federal Government received the lion share of N259.641 billion, the 36 states received N222.949 billion, and the Local Government Councils N164.247 billion.

The director disclosed that N673.137 billion was inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and an Augmentation of Non-Oil Excess Revenue.

The communique issued at the end of the meeting indicated that the Gross Revenue available from the VAT for August was N215.266 billion.

The amount earned by the three levels of government was an increase of the distributed allocation in the month of July.

“The distribution is as follows: Federal Government got N32.290 billion, the States received N107.633 billion, Local Government Councils got N75.343 billion,” the statement read in part.

The communique further indicated that the Gross Statutory Revenue of N437.871 billion distributed was lower than the sum received in the previous month.

According to the communique “This is from which the Federal Government was allocated the sum of N216.815 billion, states N109.972 billion, LGCs received N84.783 billion, and Oil Derivation (13 per cent mineral revenue) got N26.301 billion.

“Also, the N20 billion Augmentation of Non-Oil Excess Revenue now converted to distributable revenue was shared to the three tiers of government as follows; the Federal Government received N10.536 billion, states got N5.344 billion, LGCs received N4.120 billion.”

The communique further indicated that VAT, Import and Excise Duties recorded significant increases, while Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties decreased considerably.

It also indicated that total revenue distributable for the current month of August was drawn from Statutory Revenue of N437.871 billion, and VAT of N215.266 billion.

The revenue was further drawn from N20 billion Augmentation of Non-Oil Excess Revenue which brought the total distributable for the month to N673.137 billion.

The balance in the Excess Crude Account (ECA), as at September 23 stands at 470,599.54 million dollars.