The Federation Accounts Allocation Committee (FAAC) says it shared to the three tiers of government, a total sum of N682.060b Naira as federation allocation for the month of August 2020.
The virtual meeting which was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa- Dutse said from the amount, inclusive of cost of collection to NCS, DPR and FIRS, the Federal Government received N272.905 billion, the States received N197.648 billion, the Local Government councils got N147.422 billion, while the oil producing states received N30.881 billion as derivation (13% of Mineral Revenue) and cost of collection and transfer and refund got N33.205 billion.
A communique issued by the Federation Account Allocation Committee at the end of the meeting, which was signed by the signed by the Director of Information in the Ministry, Hassan Dodo, indicated that the Gross Revenue available from the Value Added Tax (VAT) for August, 2020 was N150.230 billion as against N132.619 billion distributed in the preceding month of July, 2020, resulting in an increase of N17.611 billion.
In the distribution, the Federal Government got N20.957 billion, the states received N69.857 billion, the Local Government Councils got N48.900 billion, while cost of collection and transfer and refund was N10.516 billion.
The distributed Statutory Revenue of N531.830 billion received for the month was lower than the N543.788 billion received for the previous month by N11.958 billion, from which the Federal Government received N251.948 billon, States got N127.791 billion, LGCs got N98.522 billion, Derivation (13% Mineral Revenue) got N30.881 billion and Cost of Collection/ Transfer and Refund got N22.689 billion.
The communique also revealed that Oil and Gas Royalty, Companies Income Tax (CIT), Import Duty, Excise Duty and Value Added Tax (VAT) increased considerably, while Petroleum Profit Tax (PPT) decreased significantly.
The total revenue distributable for the current month including Value Added Tax (VAT), according to the committee is N682.060 billion, while the balance in the Excess Crude Account as at 17th September, 2020 was $72.409million.