The three tires of government, federal, state and 774 local government shared a total of N696.965 billion as August revenue from the federation account. The Federation Account Allocation Committee (FAAC) approved the funds in September 2021, a statement issued last night by Director of Information in Office of the Accountant General of Federation (AGF), Henshaw Ogubike, stated. The N696.965 billion total distributable revenue comprised distributable statutory revenue of N477.504 billion; distributable Value Added Tax (VAT) revenue 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 sum of N72.295 billion was the total deductions for cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account (ECA) was $60.857 million. Of the total distributable revenue of N696.965 billion, Federal Government received N289.257 billion, the state governments received N217.183 billion, and the local government councils received N161.541 billion.

The sum of N28.984 billion was shared to the relevant states as 13% derivation revenue. The distributable statutory revenue of N477.504 billion was available for the month. From this, the Federal Government received N236.437 billion, the state governments received N119.924 billion and the local government councils received N92.456 billion.

The sum of N28.687 billion was given to the relevant states as 13 per cent derivation revenue. Value Added Tax (VAT) of N178.509 billion (gross revenue) was available in August. The amount was higher than the N151.134 billion available in the month of July by N27.375billion. The sum of N5.141 billion allocation to NEDC and N7.140 billion cost of revenue collection were deducted from the N178.509 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N166.228billion.

From the N166.228 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.934 billion, the state governments received N83.114 billion and the local government councils received N58.180 billion. The Federal Government received N1.334 billion from the Exchange Gain revenue of N2.830 billion. The state governments receive N0.677 billion, the local government councils received N0.522 billion and N0.297 billion was given to the relevant States as 13 per cent derivation revenue.

(New Telegraph)