The Federation Accounts Allocation Committee (FAAC) has shared N696.965billion to the Federal, States and Local Governments for August 2021.
This was made public in a statement of accounts issued by FAAC Deputy Director (Information), Ministry of Finance Oshundun Olajide, provided details of the communique on Thursday.
The Federal Government received N289.257billion; states got N217.183billion; Local Governments received N161.541billion.
The total amount shared was inclusive of Value Added Tax (VAT), Exchange Gain, Excess Bank Charges and revenue from Non-Oil.
The oil-producing states received N41.376billion as derivation (13 per cent of Mineral Revenue).
The Gross Revenue available from the VAT for August was N166.228billion.
In the distribution: the FG got N24.934billion; states received N83.114billion; LGs – N58.180billion.
The sum of N50billion from Non-Oil revenue was also distributed accordingly: FG – N26.340billion; States – N13.360billion; LGs – N10.300billion.
The Statutory Revenue of N477.504 billion was shared for the month. Federal Government – N236.437 billion; States N119.924billion, LGs – N92.4456billion.
The communique revealed Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty recorded decreases; Import Duty and VAT increased significantly.
