FG, states, LGs share N697bn for August

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The Federation Accounts Allocation Committee (FAAC) has shared N696.965billion as federation allocation for August 2021.

Oshundun Olajide, Deputy Director (Information), Ministry of Finance, provided details of the communique on Thursday.

The Federal Government received N289.257billion; states got N217.183billion; Local Governments received N161.541billion.

The total amount shared was inclusive of Value Added Tax (VAT), Exchange Gain, Excess Bank Charges and revenue from Non-Oil.

The oil-producing states received N41.376billion as derivation (13 per cent of Mineral Revenue).

The Gross Revenue available from the VAT for August was N166.228billion.

Stanbic IBTC Pension Managers

In the distribution: the FG got N24.934billion; states received N83.114billion; LGs – N58.180billion.

The sum of N50billion from Non-Oil revenue was also distributed accordingly: FG – N26.340billion; States – N13.360billion; LGs – N10.300billion.

The Statutory Revenue of N477.504 billion was shared for the month. Federal Government – N236.437 billion; States N119.924billion, LGs – N92.4456billion.

The communique revealed Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty recorded decreases; Import Duty and VAT increased significantly.

Stanbic IBTC Pension Managers

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