The Federation Account Allocation Committee (FAAC) has revealed that N673.137 billion was shared among the three tiers of government as federation allocation for August.
This was contained in a statement issued by the Director of Information and Press, Phil Abiamuwe-Mowete, on Friday.
The statement revealed that the Federal Government received the larger share of N259.641 billion, the states received N222.949 billion, and the Local Government Councils received N164.247 billion.
Adding that the N673.137 billion was inclusive of Gross Statutory Revenue, Value Added Tax, and augmentation of Non-Oil Excess Revenue.
The statement indicated that the Gross Revenue available from the VAT for August was N215.266 billion, an increase distributed in the preceding month. Adding that the Gross Statutory Revenue of N437.871 billion distributed, was lower than the sum received in the previous month.
The statement read, “The distribution is as follows: federal government got N32.290 billion, the states received N107.633 billion, local government councils got N75.343 billion.
“This is from which the federal government was allocated the sum of N216.815 billion, states got N109.972 billion, LGCs got N84.783 billion, and Oil Derivation (13 per cent mineral revenue) got N26.301 billion.
“Also, the N20 billion augmentation of Non-Oil Excess Revenue now converted to distributable revenue was shared to the three tiers of government as follows; the federal government received N10.536 billion, states got N5.344 billion, LGCs received N4.120 billion.”
The communiqué further stated that VAT, Import and Excise Duties recorded significant increases, while Companies Income Tax, Petroleum Profit Tax, Oil and Gas Royalties decreased considerably.
It was further disclosed that total revenue distributable for the month of August was drawn from Statutory Revenue of N437.871 billion, and VAT of N215.266 billion.
The revenue was also drawn from a N20 billion augmentation of Non-Oil Excess Revenue, which brought the total distributable for the month to N673.137 billion.
However, the balance in the Excess Crude Account, as of September 23, 2022, stands at $470,599.54 million.