FAAC Allocates N1.1 Trillion To FG, States, and LGs for August

The Federal Government, States, and Local Government Councils (LGCs) have each received N1.1 trillion from the Federation Account Allocation Committee (FAAC) for August.

This is stated in a statement released by the FAAC following its meeting in September.

The communiqué stated that the N1.1 trillion total distributable revenue was made up of N14.102 billion in EMTL revenue, N321.941 billion in VAT revenue, and N357.398 billion in statutory revenue.

Additionally, it included augmentation revenue of N177.092 billion and exchange difference revenue of N229.568 billion.

According to the communiqué, August 2023 will have a total revenue of N1.48 trillion accessible.

"Total deductions for cost of collection was N58.755 billion, total transfers and refunds was N254.046 billion and savings was N71 billion.

"Gross statutory revenue of N 891.934 billion was received for the month of August 2023. This was lower than the N1.1 trillion received in the month of July by N258.49 billion.

"The gross revenue available from VAT was N345.727 billion. This was higher than the N298.78 billion available in the month of July by N46.938 billion," it said.

According to the report, the federal government received N431.245 billion from the N1.1 trillion total distributable revenue, while the state governments received N361.188 billion and the LGCs received N266.538 billion

"A total sum of N26.473 billion, (13 per cent of mineral revenue) and N14.657 billion (13 percent of savings from NNPCL, were shared to the relevant states as derivation revenue.

"From the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, the state governments received N87.800 billion and the LGCs received N67.690 billion.

The N14.102 billion EMTL, according to the communiqué, was distributed across the three levels of government.

"The Federal Government received N48.291 billion, the state governments received N160.971 billion and the LGCs received N112.679 billion from the N321.941 billion distributable VAT revenue," it said.

"The Federal Government received N2.115 billion, the state governments received N7.051 billion and the LGCs received N4.936 billion.

"The Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue.

"The state governments received N58.048 billion, and the LGCS received N44.752 billion.

"The sum of N12.027 billion (13 per cent of mineral revenue) and NO.296 billion (13 percent of savings from NNPCL) went to the relevant states as derivation revenue," it said.

According to the document, the federal government received N93.292 billion from the N177.092 billion augmentation, followed by N47.319 billion for state governments and N36.481 billion for LGCs.

"In the month of August, VAT, Import and Excise Duties and EMTL increased considerably while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases.

"The balance in the Excess Crude Account (ECA) was 473.75 million dollars.