The Federation Accounts Allocation Committee (FAAC) has shared a total of N696.965 billion August 2021 Federation Account Revenue to the Federal, States and Local Governments.
This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for September 2021, held Wednesday.
The N696.965 billion total distributable revenue comprised distributable statutory revenue of N477.504 billion; distributable Value Added Tax (VAT) revenue 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.
In August 2021, the sum of N72.295 billion was the total deductions for cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account (ECA) was $60.857 million.
The communiqué confirmed that from the total distributable revenue of N696.965 billion, the Federal Government received N289.257 billion, the State Governments received N217.183 billion, while the Local Government Councils received N161.541 billion.
The sum of N28.984 billion was shared to the oil producing states as 13% derivation revenue.
The distributable statutory revenue of N477.504 billion was available for the month.
. From this, the Federal Government received N236.437 billion, the State Governments received N119.924 billion and the Local Government Councils received N92.456 billion.
Gross revenue available from the Value Added Tax (VAT) was N178.509 billion.