FAAC allocates N720.8bn to FG, states, LGs

The Federation Accounts Allocation Committee on Thursday allocated the sum of N720.88bn to the three tiers of government.

The N720.880bn comprised revenue from value added tax, exchange gain and gross statutory revenue.

The meeting, which was chaired by AhmedIdris, the accountant general of the Federation, was held at the headquarters of the ministry of finance.

A communiqué issued at the end of the meeting showed that gross statutory revenue for the month of August was N631.79bn

This is lower than the N674.36bn received in the previous month by N42.569bn.

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The communiqué said that revenue from VAT was N88.08bn as against N94.15bn in the previous month, resulting in a decrease of N6.07bn.

Exchange gain yielded total revenue of N1bn, according to the communiqué.

A breakdown of the N720.88bn showed that the Federal Government received N301.8bn; the states N188.92bn, and the local governments, N142.65bn.

The communiqué said the oil producing states received N43.51bn based on the 13 per cent derivation principle, while the revenue generating agencies received N43.98bn as cost of revenue collection.

In addition, the sum of N20bn was shared from forex equalisation fund.

The balance in the excess crude account was put at $328.12m as of Thursday.