The Federal Account Allocation Committee (FAAC), on Thursday in Abuja at its meeting, disbursed to the Federal Government, States and Local Government Councils a sum total of N740.880 billion as federal allocation for the month of August 2019.
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Explaining in details in a statement by Hassan Dodo (Information), Federal Ministry of Finance, Budget and National Planning, FAAC said of the amount, the Federal Government received N301.804 billion, representing 52.68 per cent of the total amount.
The States received N188.925 billion representing 26.72 per cent, while the Local government councils got N142.654 billion, representing 20.60 per cent.
Also, the oil producing states received N43.513 billion as 13 per cent derivation revenue.
However, cost of collection/Transfers/ FIRS, refund was put at N43.984 billion.
The statement also noted that, a communiqué issued by FAAC indicated that the Gross Revenue available from the Value Added Tax (VAT) for August 2019 was N88.082 billion as against the N94.159 billion distributed in the previous month of July 2019, resulting a decrease of N6.077 billion.
The distributed Statutory Revenue of N631.796 billion received for the month of August was lower than the N674.365 billion received in the previous month by N42.569 billion.
The communiqué further disclosed that, revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably, while VAT, Royalties, Import and Excise duties recorded decreases.
However, additional N20 billion from the Forex Equalization Account shall be shared accordingly among the three tiers of government, which brings the total distributable revenue to N740.880 billion, it added.
Furthermore, the committee disclosed that as at August 19, 2019, the Excess Crude Account (ECA) is $328.122m.
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