The Federation Account Allocation Committee (FAAC) on Friday said N1.1 trillion was shared amongst the three tiers of government in August 2023, the figure representing an increase of N192.46 billion compared to N907.54 billion in July 2023.
The committee, while disclosing this in a communiqué issued at the end of its September meeting in Abuja, said the N1.1 trillion (N1,100.101 billion) comprises of total distributable statutory revenue of N357.39 billion, distributable value-added tax (VAT) revenue of N 321.94 billion, electronic money transfer levy (EMTL) revenue of N14.10 billion, exchange difference revenue of N 229.56 billion, and augmentation of N177.09 billion.
According to FAAC, “the total revenue of N1,483.902 billion was available in the month of August 2023. While the total deduction for the cost of collection was N58.755 billion, total transfers and refunds were N254.046 billion, and savings stood at N71 billion.
The communique also said that from the N1.1 trillion total distributable revenue, the federal government received N431.24 billion, states were given N361.188 billion, and the local governments got N266.538 billion.
“For August, the committee said the gross statutory revenue of N891.934 billion was received — an amount lower than the N1.15 trillion received in July 2023 by N258.49 billion.
FAAC added, “the distributable statutory revenue of N357.39 billion, the federal government was given N173.10 billion, states got N87.8 billion, and local governments received N67.69 billion.
“On the other hand, the gross revenue available from VAT was N345.72 billion. This was higher than the N298.78 billion recorded in July by N46.93 billion.
“From the distributable VAT revenue of N321.94 billion, the committee said the federal government got N48.291 billion, states received N160.97 billion, and local governments were given N112.67 billion.
According to the communiqué, from N14.10 billion EMTL, the federal government received N2.11 billion, the states got N7.05 billion and N4.93 billion was allocated to the local governments.
“The N229.56 billion exchange difference revenue, the federal government received N114.44 billion, states were given N58.04 billion, and the local government got N44.75 billion.
“A total of N12.32 billion in revenue went to the relevant states as 13 percent derivation.
FAAC, however, said that in August 2023, VAT, import and excise duties, and EMTL increased considerably, while petroleum profit tax (PPT), companies income tax (CIT), and oil and gas royalties recorded significant decreases, adding that the balance in the excess crude account (ECA) remained at $473,754.57.