FG, states, councils share FAAC N720.880bn

Federal Government, states and local governments shared a total of N720.880 billion for the month of August 2019.

This was disclosed at the monthly meeting of Federation Accounts Allocation Committee (FAAC) on Thursday,

The N720.880 billion comprised revenue from Value Added Tax (VAT), exchange Gain and gross statutory revenue.

The gross statutory revenue for the month of August 2019 was N631.796 billion. It was lower than the N674.365 billion received in the previous month by N42.569 billion.

Revenue from Value Added Tax (VAT) was N88.082 billion as against N94.159 billion in the previous month, resulting in a decrease of N6.077 billion.

Exchange Gain yielded a total revenue of N1.002 billion.

A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N720.880 billion, the Federal Government received N301.804 billion, the States received N188.925 billion, and the Local Government Councils received N142.654 billion.

The Oil Producing States received N43.513 billion as 13% derivation revenue and the Revenue Generating Agencies received N43.984 billion as cost of revenue collection. In addition,  the meeting agreed to share N20 billion from Forex Equalization fund.

A breakdown of the distribution showed that from the gross statutory revenue of N631.796 billion, the Federal Government received N288.638 billion, the States received N146.401 billion, the Local Government Councils received N112.869 billion, the Oil Producing States received N43.426 billion as 13% derivation revenue and the Revenue Collecting Agencies received N40.461billion as cost of collection.

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From the Value Added Tax (VAT) revenue of N88.082 billion, the Federal Government received N12.684 billion, the States received N42.280 billion, the Local Government Councils received N29.596 billion and the Revenue Generating Agencies received N3.523 billion.

The communiqué stated that for the month of August 2019, revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) recorded significant increases while Royalties, Import and Excise Duties and Value Added Tax (VAT) decreased substantially.

However,  the N20 billion naira from forex Equalization fund will be added to the N720.880 billion and share accordingly and will bring the Gross to N740,880

The balance in the Excess Crude Account is $328.122 million as at 19th September 2019.