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Friday, 29 September 2023 12:42

FG, States, LGs Get More Revenue As FAAC Shares N1.1trn From Federation Account

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.1trn from the federation account as allocation to the three tiers of government for the month of August.

The sharing of the fund is contained in a communique issued by FAAC at its September 2023 meeting.

The N1.1trn revenue comprised statutory revenue of N357.398bn, Value Added Tax (VAT) revenue of N321.94bn, Electronic Money Transfer Levy (EMTL) revenue of N14.1bn, Exchange Difference revenue of N229.568bn and augmentation of N177.09bn.

According to the communique, total revenue of N1.48trn was available in the month of August 2023, while total deductions for the cost of collection was N58.755bn, total transfers and refunds was N254.046bn and savings was N71bn.

According to the communique, gross statutory revenue of N 891.934bn was received for the month of August 2023 and this was lower than the N1.15trn received in the month of July 2023 by N258.49bn.

The gross revenue available from VAT was N345.727bn, which was higher than the N298.789bn available in the month of July 2023 by N46.938bn.

The communique stated that from the N1.1trn total revenue, the Federal Government received a total of N431.245bn, the state governments received N361.18bn and the Local Government Councils got N266.538bn.

In the month of August, VAT, Import and Excise Duties and Electronic Money Transfer Levy (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 put at $473,754.57

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