The Federation Account Allocation Committee, FAAC has shared a total sum of N673.13 billion for the month of August 2022 to Federal, States and Local Government Councils.
This is contained in a statement issued at the end of the Federation Account Allocation Committee meeting in Abuja, the nation’s capital
The N673.13 billion total distributable revenue comprised distributable statutory revenue of N437.87 billion, distributable Value Added Tax, VAT revenue of N215.26 billion and augmentation of N20 billion from the Non-Oil Excess Revenue.
Out of the total distributable revenue of N673.13billion; the Federal Government received N259.64billion, the State Governments received N222.94 billion and the Local Government Councils received N164.24 billion. The sum of N26.30 billion was shared to the relevant States as 13% derivation revenue.
In August 2022, the total deductions for cost of collection was N35.48 billion and total deductions for transfers and refunds was N176.90 billion. The balance in the Excess Crude Account, ECA was $470,599.54
Gross statutory revenue of N654.36 billion was received for the month of August 2022. This was lower than the sum of N1,066.845 billion received in the previousu month by N412.48billion.
For the month of August 2022, the gross revenue available from the Value Added Tax, VAT was N231.17 billion. This was higher than the N190.25Bln available in the month of July 2022 by N40.91 billion.
In the month of August 2022, Value Added Tax, VAT, Import and Excise Duties recorded significant increases. However, Petroleum Profit Tax, PPT, Companies Income Tax, CIT, Oil and Gas Royalties decreased considerably.
(Editor: Terverr Tyav)
