The Federation Accounts Allocation Committee (FAAC), at its meeting yesterday, shared a total of N720.880 billion to the three tiers of government for the month of August 2019.
A communique issued by FAAC indicated that from the total revenue of N720.880 billion, the Federal Government received N301.804 billion; States, N188.925 billion and the 774 Local Government Councils, N142.654 billion.
The cash comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.
The gross statutory revenue for the month was N631.796 billion. It was lower than the N674.365 billion received in July by N42.569 billion.
Revenue from VAT was N88.082 billion as against N94.159 billion in the previous month, resulting in a decrease of N6.077 billion. Exchange Gain yielded total revenue of N1.002 billion.
The Oil Producing States received N43.513 billion as 13per cent derivation revenue and the Revenue Generating Agencies received N43.984 billion as cost of revenue collection. In addition, the meeting agreed to share N20 billion from Forex Equalisation Fund (FEF).
From the gross statutory revenue of N631.796 billion, the Federal Government received N288.638 billion, States, N146.401 billion, Local Government Councils, N112.869 billion, oil producing states, N43.426 billion as 13 per cent derivation revenue while the Revenue Collecting Agencies received N40.461billion as cost of collection.
From VAT revenue of N88.082 billion, the Federal Government got N12.684 billion, States, N42.280 billion, Local Government Councils, N29.596 billion and the Revenue Generating Agencies, N3.523 billion.
The communiqué stated that for the month of August 2019, revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) recorded significant increases while Royalties, Import and Excise Duties and Value Added Tax (VAT) decreased substantially.
However, the N20 billion from FEF will be added to the N720.880 billion and shared accordingly, thus bringing the Gross to N740.880 billion
The balance in the Excess Crude Account is $328.122 million as at 19th September 2019.