The Federal Government, states and local government councils shared a total of N2.225 trillion from federation revenue for August, the Federation Account Allocation Committee (FAAC) said on Wednesday.
The N2.23 trillion distributable revenue comprised N1.48 trillion statutory revenue, N672.90 billion from Value Added Tax (VAT), N32.34 billion from the Electronic Money Transfer Levy (EMTL) and N41.28 billion from exchange difference.
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According to a communiqué issued at the FAAC meeting, gross revenue available in August was N3.63 trillion. Deductions for collection costs stood at N124.84 billion, while transfers, interventions, refunds and savings accounted for N1.29 trillion.
From the statutory revenue of N1.48 trillion, the Federal Government received N684.46 billion, states received N347.17 billion and local government councils got N267.65 billion. Oil-producing states received N179.31 billion as 13 per cent derivation.
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From the N672.90 billion VAT pool, the Federal Government received N100.94 billion, states N336.45 billion and local governments N235.52 billion.
The Federal Government also got N4.85 billion from the N32.34 billion EMTL, while states received N16.17 billion and local governments N11.32 billion. From the N41.28 billion exchange difference, the Federal Government received N19.80 billion, states N10.04 billion, local governments N7.74 billion, while N3.70 billion was shared to oil-producing states as 13 per cent derivation.
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Gross statutory revenue of N2.84 trillion was collected in August, lower than the N3.07 trillion received in July by N231.91 billion. Oil and gas royalties, VAT and Common External Tariff (CET) levies recorded increases, while petroleum profit tax, import duty, EMTL, companies income tax and excise duty declined.
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