The Federal Account Allocation Committee (FAAC) on Thursday shared N740.8 billion to the three tiers of government in the country for August this year.
A communiqué at the end of the FAAC meeting in Abuja showed the federal government received about N301.8 billion, representing 52.68 per cent, the states N188.9 billion, or 26.72 per cent and local government councils N142.7 billion, or 20.60 per cent.
The oil producing states received N43.5 billion as 13 per cent derivation revenue for the month. However, cost of collection/Transfers/ Federal Inland Revenue Service (FIRS) refund was N44 billion.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who read the communique at the end of the meeting, said the Gross Revenue available for distribution for the month was N740.8 billion.
The distributable Statutory Revenue stood at about N631.8 billion, which was lower by N42.6 billion than the N674.4 billion received in the previous month.
The communiqué further showed 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 foreign exchange Equalization Account was shared among the three tiers of government, bringing the total distributable revenue to N740.8 billion.
The Value Added Tax (VAT) for August was N88.2 billion as against the N94.2 billion distributed in the previous month of July, 2019, resulting in a decrease of N6.1 billion.
Furthermore, the committee stated that as at August 19, 2019, the Excess Crude Account (ECA) is $328.1 million.
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