FG, States, LGs share N741.843bn for August
Federal, states and local governments on Wednesday shared N741.843billion revenue generated in August.
The figure indicated an increase of N27.37billion when compared to N714.8billion generated in the previous month.
The Permanent Secretary in the ministry and chairman of FAAC, Mamood Dutse, while briefing newsmen in Abuja on the outcome of the monthly Federation Account Allocation Committee (FAAC) meeting, attributed the increase to increase in oil production and tax collection in the month under review.
“The total statutory revenue collected for the period comes to N627.139billion which is above the figure collected in the previous month by N17.164billion, after the usual deductions by the Nigerian Customs Service, FIRS and DPR.
“Following the upward trend in the revenue, we decided to save N40billion. What is left in the Excess Crude Allocation is N574.842billion.
“A breakdown of the allocation of the N741.843billion distributable shows that federal government got N274.889billion; States N139.427 billion and LGs N107.493billion.
Derivation allocation comes to N53.034billion.”
“For VAT, a total of N114.542billion, which is a substantial increase compared to N79.807billion collected last month. After 4percent deductions by FIRS and NCS, it came down to N109.961billion.”
“In the distribution, federal government received N16.494billion, states got N54.981billion and LGs received N38.486billion.
When added to the N574.842billion distributsble, it gives a total of N741.843billion.
“The balance in Excess Crude Account as at 26th September, 2018 $2.468bn and this includes 40billion dollar equivalent saved for the month.
“Also, the balance in the PPT Account comes to $0.133billion.”