The Federation Account Allocation Committee (FAAC), at its Meeting, shared a total sum of N673.137 billion to the three tiers of government, as federation allocation for August 2022.
A statement signed by Phil Abiamuwe-Mowete, the Director of Information and Press in the Ministry of Finance Budget and National Planning, noted that from this stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and an Augmentation of Non-Oil Excess Revenue, the Federal Government received N259.641 billion, the States received N222.949 billion, the Local Government Councils got N164.247 billion, while the Oil producing states received N0.000 billion as derivation, (13% of Mineral Revenue).
The communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for August 2022 was N215.266 billion which is an increase distributed in the preceding month.
The distribution is as follows; Federal Government got N32.290 billion, the States received N107.633 billion, and Local Government Councils got N75.343 billion.
Accordingly, the Gross Statutory Revenue of N437.871 billion distributed was lower than the sum received in the previous month, from which the Federal Government was allocated the sum of N216.815 billion, States got N109.972 billion, LGCs got N84.783 billion, and Oil Derivation (13% Mineral Revenue) got N26.301 billion.
Also, the N20.000 billion Augmentation of Non-Oil Excess Revenue now converted to distributable revenue was shared to the three (3) tiers of government as follows; the Federal Government received N10.536 billion, States got N5.344 billion, Local Government Councils received N4.120 billion.
The communiqué further revealed that Value Added Tax (VAT), Import and Excise Duties recorded significant increases, while Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties decreased considerably.
It was further disclosed that total revenue distributable for the current month of August was drawn from Statutory Revenue of N437.871 billion, Value Added Tax (VAT) of N215.266 billion and N20.000 billion Augmentation of Non-Oil Excess Revenue bringing the total distributable for the month to N673.137 billion.
However, the balance in the Excess Crude Account (ECA), as of 23rd September 2022 stands at $470,599.54