–Pix above: FAAC
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The Federation Account Allocation Committee (FAAC) on Friday said it shared a whopping sum of N1.1trn among the Federal Govt, States and Local Govt Councils in August, 2023…representing an increase of N192.46bn in comparison to N907.54 billion shared in July.
A communique issued and signed by Mr. Bawa Mokwa, Director (Press and Public Relations), Office of the Accountant General of the Federation (OAGF), said the “N1.1 trillion total distributable revenue comprised distributable statutory revenue of N357.398 billion, distributable Value Added Tax (VAT) revenue of N 321.941 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion, Exchange Rate Differential Revenue of N 229.568 billion and Augmentation of NN177.092 billion.”
Mokwa said that total revenue of “N1.4 trillion was available in August 2023. Total deductions for the cost of collection was N58.755 billion, total transfers and refunds were N254.046 billion and savings was N71 billion.”
The communique added that “gross statutory revenue of N891.934 billion was received for the month of August 2023 which was lower than the N1.15 trillion received in the month of July 2023 by N258.490 billion and the gross revenue available from the Value Added Tax (VAT) was N345.727 billion. This was higher than the N298.789 billion available in the month of July 2023 by N46.938 billion”.
From the N1.1 trillion total distributable revenue, the Federal Government got a total of N431.245 billion, the State Governments received N361.188 billion and the Local Government Areas/Councils received N266.538 billion.
“A total sum of N26.473 billion (13 percent of mineral revenue) and N14.657 billion (13 percent of savings from NNPCL), were shared to the relevant States as derivation revenue.”
The balance in the Excess Crude Account (ECA) was $473,754.57./SHARE THIS
