FAAC shares N682.060bn to beneficiaries for August
Federation Accounts Allocation Committee (FAAC) shared a total of N682.060bn August 2020 federation account revenue to Federal, states and local governments and agencies.
According to a statement from the Accountant general of the Federation’s office, Permanent Secretary, Federal Ministry of Finance, Dr Mahmud Isa-Dutse, made the disclosure during a virtual meeting of FAAC in Abuja.
The gross statutory revenue of N531.830 billion received for August 2020 was lower than the N543.788 billion received in the previous month by N11.958 billion.
However, gross revenue from Value Added Tax (VAT) was N150.230 billion as against N132.619 billion available in the previous month, resulting in an increase of N17.611 billion.
From total distributable revenue of N682.060bn, the Federal Government received N272.905 billion, state governments shared N197.648 billion while 774 local government councils jointly shared N147.422 billion.
Oil Producing States received N30.881 billion as 13 per cent derivation revenue, while the cost of revenue collection and transfers collectively had an allocation of N33.205 billion.
Federal Government received N251.948 billion from the gross statutory revenue of N531.830 billion; the State Governments received N 127.791 billion and the Local Government Councils received N98.522 billion.
Also, N30.881 billion was given to the relevant States as 13 per cent derivation revenue and N22.689 billion was the collective total for the cost of revenue collection, transfers and refund to agencies.
The Federal Government received N20.957 billion from the Value Added Tax (VAT) revenue of N150.230 billion.
The State Governments received N69.857billion; the Local Government Councils received N48.900 billion, while the cost of revenue collection and transfers collectively had an allocation of N10.516 billion.
The Communiqué stated that for the month of August 2020, Oil and Gas Royalty, Companies Income Tax (CIT), Import and Excise Duty and Value Added Tax (VAT) increased considerably, while Petroleum Profit Tax (PPT) decreased significantly.
Balance in the Excess Crude Account (ECA) as at September 17, 2020, was $72.409 million.