FG, States, LGs share N682bn in the month of August

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The Federation Accounts Allocation Commitee (FAAC),has shared a total sum of N682.06 billion as federation allocation for the month of August.

This was revealed during a virtual meeting chaired by the Perm. Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse.

According to a communique shared on Thursday, the amount, inclusive of Value Added Tax, was shared among the three tiers of government.It indicated that from the total distributable revenue of N682.060 billion; the federal government received N272.905 billion, the state governments received N197.648 billion and the local government councils received N147.422 billion.

The oil-producing states received N30.881 billion as 13 per cent derivation revenue, while the cost of revenue collection and transfers collectively had an allocation of N33.205 billion.

The federal government received N251.948 billion from the gross statutory revenue of N531.830 billion; the state governments received N 127.791 billion and the local government councils received N98.522 billion. N30.881 billion was given to the relevant states as a 13 per cent derivation revenue and N22.689 billion was the collective total for the cost of revenue collection, transfers, and refund to agencies.

The federal government received N20.957 billion from the Value Added Tax (VAT) revenue of N150.230 billion. The state governments received N69.857billion; the local government councils received N48.900 billion, while the cost of revenue collection and transfers collectively had an allocation of N10.516 billion.

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