The Federation Account Allocation Committee (FAAC), has shared the sum of ₦1.1 trillion to the Federal Government, states and Local Government Councils (LGCs) for August.
This is contained in a communiqué issued by the FAAC at its September meeting. The communiqué said that the ₦1.1 trillion total distributable revenue comprised statutory revenue of ₦357.398 billion, Value Added Tax (VAT) revenue of ₦321.941 billion and Electronic Money Transfer Levy (EMTL) revenue of ₦14.102 billion.
It also comprised Exchange Difference revenue of ₦229.568 billion and Augmentation of ₦177.092 billion. The communiqué said total revenue of ₦1.48 trillion billion was available in the month of August 2023.
“Total deductions for cost of collection was ₦58.755 billion, total transfers and refunds was ₦254.046 billion and savings was ₦71 billion.
“Gross statutory revenue of ₦891.934 billion was received for the month of August 2023. This was lower than the ₦1.1 trillion received in the month of July by ₦258.49 billion.
“The gross revenue available from VAT was ₦345.727 billion. This was higher than the ₦298.78 billion available in the month of July by ₦46.938 billion,’’ it said.
It said that from the ₦1.1 trillion total distributable revenue, the Federal Government received ₦431.245 billion, the state governments received ₦361.188 billion and the LGCs received ₦266.538 billion.
“A total sum of ₦26.473 billion, (13% of mineral revenue) and ₦14.657 billion (13% of savings from NNPCL), were shared to the relevant states as derivation revenue.
“From the ₦357.398 billion distributable statutory revenue, the Federal Government received ₦173.102 billion, the state governments received ₦87.800 billion and the LGCs received ₦67.690 billion.
The Federal Government received ₦48.291 billion, the state governments received ₦160.971 billion and the LGCs received ₦112.679 billion from the ₦321.941 billion distributable VAT revenue,” it stated.
The communiqué said the ₦14.102 billion EMTL was shared among the three tiers of government.
“The Federal Government received ₦2.115 billion, the state governments received ₦7.051 billion and the LGCs received ₦4.936 billion.
“The Federal Government received ₦114.445 billion from the ₦229.568 billion Exchange Difference revenue.
“The state governments received ₦58.048 billion, and the LGCs received ₦44.752 billion.
“The sum of ₦12.027 billion (13% of mineral revenue) and ₦0.296 billion (13% of savings from NNPCL) went to the relevant states as derivation revenue,’’ it added.
It said that from the ₦177.092 billion augmentation, the Federal Government received ₦93.292 billion, the state governments received ₦47.319 billion and the LGCs received ₦36.481 billion.
“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.