The Federation Account Allocation Committee on Thursday at its virtual meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa- Dutse, shared to the three tiers of government, the sum of N682.06bn as allocation for the month of August.
From this amount, inclusive of cost of collection to Nigerian Customs Service, Department of Petroleum Resources and the Federal Inland Revenue Service, the Federal
Government received N272.9bn, the States received N197.64bn, the Local Government councils got N147.42bn, while the oil producing states received N30.881bn based on the 13 per cent derivation principle.
The communique issued by FAAC at the end of the meeting, indicated that the Gross Revenue available from Value Added Tax for August, was N150.23bn as against N132.61bn distributed in the preceding month of July.
This resulted in an increase of N17.611bn.
The VAT revenue was distributed this; Federal Government N20.95bn States N69.85bn, Local Government Councils got N48.9bn billion, while the cost of collection to revenue generating agencies was N10.516bn.
The distributed Statutory Revenue of N531.830bn received for the month was lower than the N543.78bn received for the previous month by N11.95bn.
The communique also revealed that Oil and Gas Royalty, Companies Income Tax, Import Duty, Excise Duty and Value Added Tax increased considerably, while Petroleum Profit Tax decreased significantly.
The committee put the balance in the Excess Crude Account as at September 17 at $72.409m.
