FG, states, LGs share N1.1tn August revenue

The Federation Account Allocation Committee says it shared N1.1tn among the three tiers of government for August 2023.

FAAC disclosed this in a communiqué issued at the end of its latest meeting, according to a statement by the Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mowa, on Friday.

The total figure shared in September represents a significant increase of N133.99bn compared to the N966.11bn shared for July 2023, and it is the highest this year.

The increase is attributed to foreign exchange gains, which boosted the government’s income.

The statement showed that the N1.1tn total distributable revenue comprised distributable statutory revenue of N357.4bn, distributable Value Added Tax revenue of N321.94bn, Electronic Money Transfer Levy revenue of N14.10bn, Exchange Difference revenue of N 229.57bn and Augmentation of NN177.09bn.

It was also disclosed that of the total N1.1tn total distributable revenue, the Federal Government received a total of N431.25bn, the State governments received N361.19bn and the local government Councils received N266.54bn.

According to the communiqué, the total revenue available for the month of August was N1.48tn, which is a 14 per cent decline from N1.74tn recorded in the previous month.

It was also disclosed that total deductions for cost of collection, total transfers and refunds and savings stood at N58.76bn, N254.05bn and N71bn respectively.

Also, the balance in the Excess Crude Account stayed at $473,754.57.

“Gross statutory revenue of N 891.934bn was received for the month of August 2023. This was lower than the N1150.424bn received in the month of July 2023 by N258.490bn. The gross revenue available from the Value Added Tax was N345.727bn. This was higher than the N298.789bn available in the month of July 2023 by N46.938bn.”