FAAC disburses N696.96bn August revenue to FG, States, LGAs

The Federation Accounts Allocation Committee (FAAC) has shared a total of N696.965bn as August revenue to the Federal, States and Local Governments Councils in the country.

A communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for September 2021, confirmed the development.

The communiqué said the N696.96bn total distributable revenue comprised distributable statutory revenue of N477.504bn; distributable Value Added Tax (VAT) revenue of N166.22bn, Exchange Gain of N2.83bn, Excess Bank Charges Recovered of N0.403bn and N50bn from Non-Oil revenue.

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In August 2021, the sum of N72.29bn was the total deductions for cost of collection, statutory transfers and refunds.

The balance in the Excess Crude Account (ECA), according to the committee was $60.857m.

The communiqué confirmed that from the total distributable revenue of N696.965bn, the Federal Government received N289.257bn, the State Governments received N217.183bn, and the Local Government Councils received N161.54bn.

The sum of N28.984bn was shared to the relevant States as 13 per cent derivation revenue.

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The communique put the distributable statutory revenue for the month at N477.504bn.

From this, the Federal Government received N236.437bn, the State Governments received N119.924bn and the Local Government Councils received N92.456bn.

It added that the sum of N28.687bn was given to the relevant States as 13 per cent derivation revenue.

In the month of August, the gross revenue available from the Value Added Tax was N178.509bn.

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This, it stated, was higher than the N151.134bn available in the month of July by N27.375bn.

The sum of N5.141bn allocation to NEDC and N7.140bn cost of revenue collection were deducted from the N178.509bn gross Value Added Tax revenue, resulting in the distributable Value Added Tax (VAT) revenue of N166.228bn.

From the N166.228bn distributable Value Added Tax (VAT) revenue, the Federal Government received N24.934bn, the State Governments received N83.114bn and the Local Government Councils received N58.180bn.

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According to the Communiqué, in the month of August 2021, Value Added Tax (VAT) and Import Duty increased significantly, while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties and Excise Duty recorded decreases.