FG, states, LGAs share N1.1tr as revenue allocation for August

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The three tiers of government shared a total of N1.1 trillion as revenue allocation for August.

The Director of Press and Public Relations, Office of the Accountant-General of the Federation, Bawa Mokwa, disclosed this in a statement issued at the end of the Federation Account Allocation Committee (FAAC) meeting on Friday in Abuja.

He said the funds comprised statutory revenue of N357.398 billion, distributable Value Added Tax (VAT) revenue of N 321.941 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion, Exchange Difference revenue of N 229.568 billion, and Augmentation of N177.092 billion.

Mokwa said: “A total revenue of N1483.902 billion was available in the month of August 2023. The total deductions for the cost of collection was N58.755 billion, total transfers and refunds was N254.046 billion and savings was N71.000 billion.

“The gross statutory revenue of N891.934 billion was received for the month of August 2023. This was lower than the N1150.424 billion received in July 2023 by N258.490 billion.

“The gross revenue available from the Value Added Tax (VAT) was N345.727 billion. This was higher than the N298.789 billion available in July 2023 by N46.938 billion.

“From the N1100.101 billion total distributable revenue, the Federal Government received a total of N431.245 billion, the State Governments received N361.188 billion and the Local Government Councils received N266.538 billion.

“A total sum of N26.473 billion (13% of mineral revenue) and N14.657 billion (13% of savings from NNPCL), were shared to the relevant states as derivation revenue.

READ ALSO: FG, states, LGAs share N966.bn as revenue allocation for July

“From the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, the State Governments received N87.800 billion and the Local Government Councils received N67.690 billion.

“The sum of N14.446 billion (13% of mineral revenue) and N14.361 billion (13 % of savings from NNPCL) were shared to the relevant states as derivation revenue.

“The Federal Government received N48.291 billion, the State Governments received N160.971 billion and the Local Government Councils received N112.679 billion from the N321.941 billion distributable Value Added Tax (VAT) revenue.

“The N14.102 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N2.115 billion, the State Governments received N7.051 billion and the Local Government Councils received N4.936 billion.

“The Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue. The State Governments received N58.048 billion, and the Local Government Councils received N44.752 billion.

“The sum of N12.027 billion (13% of mineral revenue) and N0.296 billion (13 % of savings from NNPCL) went to the relevant States as derivation revenue.

“The balance in the Excess Crude Account (ECA) was $473,754.57.”

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