The Federation Accounts Allocation Committee (FAAC) has allocated a total of N1.203 trillion in revenue for August, sharing the funds among the Federal Government, state governments, and Local Government Councils (LGCs).
In a communique released following FAAC's meeting on Tuesday, the N1.203 trillion consists of several revenue sources: statutory revenue amounting to N186.636 billion, Value Added Tax (VAT) revenue of N533.895 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.017 billion, and Exchange Difference revenue totalling N468.245 billion.
The total revenue available in August reached N2.278 trillion. However, after deducting N81.975 billion for the cost of collection and N992.617 billion for transfers, interventions, and refunds, the distributable revenue was determined.
FAAC reported a gross statutory revenue of N1.221 trillion for August, reflecting a decline of N165.994 billion compared to July’s total of N1.387 trillion. Additionally, gross VAT revenue decreased to N573.341 billion, down by N51.988 billion from July's N625.329 billion.
The distribution of the N1.203 trillion saw the Federal Government receiving N374.925 billion, while state governments collectively garnered N422.861 billion. The LGCs received N306.533 billion, and N99.474 billion, representing 13% of mineral revenue, was allocated to the benefiting states as derivation revenue.
From the VAT revenue of N533.895 billion, the Federal Government received N80.084 billion, state governments obtained N266.948 billion, and LGCs received N186.863 billion. In terms of EMTL, the Federal Government earned N2.252 billion, with state governments receiving N7.509 billion and LGCs getting N5.256 billion.
FAAC noted that various revenue sources—including Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, EMTL, CET Levies, and Companies Income Tax (CIT)—experienced declines during the month. The balance in the Excess Crude Account (ECA) currently stands at $473,754.57.
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