FG, States, Council share N740.880b

The Federal Account Allocation Committee (FAAC), in Abuja at its meeting, shared to the Federal Government, States and Local Government Councils a sum total of N740.880 billion as federal allocation for the month of August 2019. From this amount, the Federal Government received N301.804 billion, representing 52.68 per cent, the States received N188.925 billion representing 26.72 per cent and Local government councils got N142.654 billion, representing 20.60 per cent, while the oil producing states received N43.513 billion as 13 per cent derivation revenue.

However, cost of collection/Transfers/ FIRS, refund was N43.984 billion.

A communiqué issued by the FAAC indicated that the Gross Revenue available from the Value Added Tax (VAT) for August 2019 was N88.082 billion as against the N94.159 billion distributed in the previous month of July, 2019, resulting in a decrease of N6.077 billion. The distributed Statutory Revenue of N631.796 billion received for the month of August was lower than the N674.365 billion received in the previous month by N42.569 billion. The communiqué further said that, revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably, while Value Added Tax (VAT), Royalties, Import and Excise duties recorded decreases.

However, additional N20 billion from the Forex Equalization Account shall be shared accordingly among the three tiers of government, which brings the total distributable revenue to N740.880 billion. Furthermore, the committee stated that as at August 19th, 2019, the Excess Crude Account (ECA) is $328.122m.