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FAAC: FG, States, LGAs Share N673bn For August
The Federation Account Allocation Committee (FAAC) has shared N673.137billion to the three tiers of government as allocation for the month of August 2022.
From this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and an Augmentation of Non-Oil Excess Revenue, the Federal Government received N259.641billion, the States received N222.949billion, the Local Government Councils got N164.247billion, while the oil-producing states received N26.301billion as derivation (13percent of Mineral Revenue).
The communiqué issued by FAAC, at the end of the meeting, last Thursday, indicated that the Gross Revenue available from VAT for August 2022 was N215.266billion.
The VAT distribution is as follows: Federal Government got N32.290billion, the States received N107.633billion, Local Government Councils got N75.343billion.
Accordingly, the Gross Statutory Revenue of N437.871billion distributed was lower than the sum received in the previous month, from which the Federal Government was allocated the sum of N216.815billion, States got N109.972billion, LGAs got N84.783billion, and Oil Derivation (13percent Mineral Revenue) got N26.301billion.
Also, the N20billion 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 N10.536billion, States got N5.344billion, Local Government Councils received N4.120billion.
The communiqué further revealed 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 was further disclosed that total revenue distributable for the month of August was drawn from Statutory Revenue of N437.871billion, VAT of N215.266billion and N20billion Augmentation of Non-Oil Excess Revenue bringing the total distributable for the month to N673.137billion.
However, the balance in the Excess Crude Account (ECA), as at 23rd September 2022, stands at $470,599.54.
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