FG, States, LGs Share ₦2.23 Trillion August Revenue — FAAC

By OBIOMA TORI

THE Federation Account Allocation Committee (FAAC) has announced that the Federal Government, states, and local government councils shared a total of ₦2.23 trillion as federation revenue for the month of August.

According to a communiqué issued after FAAC’s meeting on Wednesday, the gross revenue for August stood at ₦3.63 trillion. From this, ₦124.84 billion was deducted for collection costs, while ₦1.29 trillion was set aside for transfers, interventions, refunds, and savings.

The distributable revenue of ₦2.225 trillion comprised:

• ₦1.48 trillion statutory revenue

• ₦672.90 billion from Value Added Tax (VAT)

• ₦32.34 billion from the Electronic Money Transfer Levy (EMTL)

• ₦41.28 billion from exchange difference

Breakdown of Allocations

From the statutory revenue pool of ₦1.48 trillion:

• The Federal Government received ₦684.46 billion

• The 36 states received ₦347.17 billion

• Local government councils received ₦267.65 billion

• Oil-producing states got ₦179.31 billion as 13% derivation

From the ₦672.90 billion VAT pool:

• FG received ₦100.94 billion

• States got ₦336.45 billion

• Local governments received ₦235.52 billion

From the ₦32.34 billion EMTL:

• FG received ₦4.85 billion

• States got ₦16.17 billion

• Local governments received ₦11.32 billion

From the ₦41.28 billion exchange difference:

• FG received ₦19.80 billion

• States got ₦10.04 billion

• Local governments received ₦7.74 billion

• Oil-producing states received ₦3.70 billion as 13% derivation

Revenue Performance

FAAC noted that gross statutory revenue for August was ₦2.84 trillion, which is ₦231.91 billion lower than the ₦3.07 trillion recorded in July.

While oil and gas royalties, VAT, and Common External Tariff (CET) levies saw increases, receipts from petroleum profit tax, import duty, EMTL, companies’ income tax, and excise duty declined.