FG, States, LGs share ₦682bn for August 2020

Friday, 18 September 2020 05:19

FG, States, LGs share ₦682bn for August 2020

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FG, States, LGs share ₦682bn for August 2020

Federation Accounts Allocation Committee (FAAC) has shared ₦682.060 billion August 2020 federation account revenue to Federal, States and Local Government Councils and agencies.

This was made known after the monthly Federation Account Allocation Committee (FAAC) meeting for September 2020 through virtual conferencing chaired by Mr Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance.

Gross statutory revenue of ₦531.830 billion was received for August 2020.

This was lower than the ₦543.788 billion received in the previous month by ₦11.958 billion.

Gross revenue available from Value Added Tax (VAT) was ₦150.230 billion as against ₦132.619 billion available in the previous month, resulting in an increase of ₦17.611 billion.

A communiqué by Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of ₦682.060 billion; Federal Government received ₦272.905 billion, State Governments received ₦197.648 billion and the Local Government Councils received ₦147.422 billion.

The Oil Producing States received ₦30.881 billion as 13% derivation revenue, while cost of revenue collection and transfers collectively received an allocation of ₦33.205 billion.

Federal government received ₦251.948 billion from gross statutory revenue of ₦531.830 billion; State Governments received ₦127.791 billion and local government Councils received ₦98.522 billion.

₦30.881 billion was given to the relevant States as 13% derivation revenue and ₦22.689 billion was the collective total for cost of revenue collection, transfers and refund to agencies.

Federal Government received ₦20.957 billion from Value Added Tax (VAT) revenue of ₦150.230 billion. State Governments received ₦69.857billion; Local Government Councils received ₦48.900 billion, while cost of revenue collection and transfers collectively had allocation of ₦10.516 billion.

The communiqué stated that for August 2020, Oil and Gas Royalty, Companies Income Tax (CIT), Import and Excise Duty and Value Added Tax (VAT) increased considerably, while Petroleum Profit Tax (PPT) decreased significantly.

The balance in Excess Crude Account (ECA) as at 17th September, 2020 stood at $72.409 million.

The Nation