FG, States, LGs Share N696.9bn For August

Related stories

Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit

By Abiola Olawale President Bola Ahmed Tinubu departed Saint Lucia...

2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour Party

By Abiola Olawale In a dramatic turn of events, Barrister...

FG Secures $100m for Lagos-Calabar Project from ECOWAS Bank

By Abiola Olawale The Nigerian government has reportedly secured a...

Ex- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UK

By Abiola Olawale The Metropolitan Police have formally charged former...

Edwin Cortes: Prefers Being A Small Puerto Rican Than Big American

By Owei Lakemfa To be a citizen of the United...

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

This is contained in a statement issued on Thursday by Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning.

The statement noted that the meeting of the committee was held virtually on Wednesday.

The committee in a communique said from the N696.965 billion shared, the Federal Government received N289.257 billion, the states got N217.183 billion and the Local Governments(LGs) received N161.541 billion.

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

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

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

“The distribution was as follow: The Federal Government got N24.934 billion, the states received N83.114 billion and Local Government Councils got N58.180 billion.”

The communique further stated that the sum of N50 billion from Non-Oil revenue was equally distributed accordingly to the three tiers of government.

It said that the Federal Government received N26.340 billion; the States got N13.360; while the LGs received N10.300 billion.

“The distributed Statutory Revenue of N477.504 billion was received for the month.

“Federal Government received N236.437 billon, states got N119.924 billion, LGCs got N92.4456 billion, and Derivation (13 per cent Mineral Revenue) got N28.687 billion,” it said.

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

It stated that total revenue distributable for the current month was inclusive of Gross Statutory Revenue of N477.504 billion, VAT of N166.228 billion, Exchange Gain of N2.830 billion, Excess Bank Charges Recovered of N0.403 billion and N50 billion from Non-Oil revenue.

The committee said this brought the total distributable revenue to N696.965 billion.

 

Nan
Nan
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Tinubu Departs Saint Lucia, Heads to Brazil for BRICS Summit2027: Drama, Intrigues as Julius Abure Tells Otti to Quit Labour PartyFG Secures $100m for Lagos-Calabar Project from ECOWAS BankEx- Arsenal Star Thomas Partey Faces Rape, Sexual Assault Charges in UKEdwin Cortes: Prefers Being A Small Puerto Rican Than Big AmericanJune 12 And The International Pursuit of Justice For Abiola, By Femi FalanaBreaking Down the West’s $146 Billion 2024 Defence Technology InvestmentG7 vs. the World: GDP, Population, and Military StrengthUS drillers cut oil and gas rigs for 10th week in a row, Baker Hughes saysExclusive! Tinubu Tips Late Ajimobi's Wife, Florence, Others for Ambassadorial PostsTinubu Mourns, Pays Tribute to Legendary Super Eagles Goalkeeper Peter RufaiNatasha vs Akpabio: Court Orders Senate President To Recall Senator NatashaHadi Sirika Denies Defection to ADC Coalition Rumors, Reaffirms Loyalty to Buhari, APCChina Snubs U.S. Crude for Third Month, Even as Ethane Trade RestartsHow Super Eagles Icon Peter Rufai passed Away at 61
X whatsapp