BY Busola Aro
The federation account allocation committee (FAAC) says it shared N1.1 trillion among the three tiers of government in August 2023.
The figure represents an increase of N192.46 billion compared to N907.54 billion in July 2023.
The committee disclosed this in a communiqué issued on Friday at the end of its September meeting in Abuja.
According to the communique, the N1.1 trillion (N1,100.101 billion) comprises of total distributable statutory revenue of N357.39 billion, distributable value-added tax (VAT) revenue of N 321.94 billion, electronic money transfer levy (EMTL) revenue of N14.10 billion, exchange difference revenue of N 229.56 billion, and augmentation of N177.09 billion.
FAAC said the total revenue of N1,483.902 billion was available in the month of August 2023. While the total deduction for the cost of collection was N58.755 billion, total transfers and refunds N254.046 billion and savings stood at N71 billion.
The communique said from the N1.1 trillion total distributable revenue, the federal government received a total of N431.24 billion, states were given N361.188 billion, and the local governments got N266.538 billion.
For August, the committee said the gross statutory revenue of N891.934 billion was received — an amount lower than the N1.15 trillion received in the month of July 2023 by N258.49 billion.
FAAC said from the distributable statutory revenue of N357.39 billion, the federal government was given N173.10 billion, states got N87.8 billion, and local governments received N67.69 billion.
On the other hand, the gross revenue available from VAT was N345.72 billion. This was higher than the N298.78 billion recorded in the month of July by N46.93 billion.
From the distributable VAT revenue of N321.94 billion, the committee said the federal government got N48.291 billion, states received N160.97 billion, while the local governments were given N112.67 billion.
According to the communiqué, from N14.10 billion EMTL, the federal government received N2.11 billion, the states got N7.05 billion and N4.93 billion was allocated to the local governments.
FAAC also said from the N229.56 billion exchange difference revenue, the federal government received N114.44 billion, states were given N58.04 billion, and the local government got N44.75 billion.
A total of N12.32 billion in revenue went to the relevant states as 13 percent derivation.
Meanwhile, in the month of August 2023, 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.
FAAC said the balance in the excess crude account (ECA) remained at $473,754.57.
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