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FG, States, LGs to share N696b Monthly FAAC for August 2021 (SEE SHARING FORMULA)

The Federal Government, States and Local Governments are to share the sum of N696.965 billion according to Federation Accounts Allocation Committee (FAAC) for the month of August 2021.

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Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning said the August meeting of the committee was held virtually on Wednesday.

Out of the money shared, the Federal Government received N289.257 billion, the states got N217.183 billion and the Local Governments(LGs) received N161.541 billion.

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It said that the total amount shared was inclusive of Value Added Tax (VAT), Exchange Gain, Excess Bank Charges and revenue from Non-Oil.

Meanwhile, the oil-producing states received N41.376 billion as derivation (13 per cent of Mineral Revenue).

The communique indicated that the Gross Revenue available from the VAT for August was N166.228 billion.

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“The distribution was as follow: The Federal Government got N24.934 billion, the states received N83.114 billion and Local Government Councils got N58.180 billion.”

The communique further stated that the sum of N50 billion from Non-Oil revenue was equally distributed accordingly to the three tiers of government.

It said that the Federal Government received N26.340 billion; the States got N13.360; while the LGs received N10.300 billion.

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“The distributed Statutory Revenue of N477.504 billion was received for the month.

“Federal Government received N236.437 billon, states got N119.924 billion, LGCs got N92.4456 billion, and Derivation (13 per cent Mineral Revenue) got N28.687 billion,” it said.

The communique also revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty recorded decreases, while Import Duty and VAT increased significantly.

It stated that total revenue distributable for the current month was inclusive of Gross Statutory Revenue of N477.504 billion, VAT of N166.228 billion, Exchange Gain of N2.830 billion, Excess Bank Charges Recovered of N0.403 billion and N50 billion from Non-Oil revenue.

The committee said this brought the total distributable revenue to N696.965 billion.

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Written by Adesoji OMOSEBI

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