The Federation Account Allocation Committee (FAAC), has shared N673.137 billion to the three tiers of government as federation allocation for August.
In a statement issued by the Director, Information and Press, federal ministry of finance, Phil Abiamuwe-Mowete, on Friday, the Federal Government received N259.641bn, states got N222.949bn, and the Local Government Councils got N164.247bn.
Oil producing states received N26.301 bn as Oil Derivation (13% mineral revenue).
The amount shared was inclusive of Gross Statutory Revenue (N437.871 bn), Value Added Tax (N215.266 bn) and an Augmentation of Non Oil Excess Revenue (N20 bn).
The statement revealed that the Gross Revenue available from the VAT for August was N215.266 billion, which was higher that the amount distributed in the preceding month.
According to the statement, VAT, Import and Excise Duties recorded significant increases, while Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties decreased considerably.
The balance in the Excess Crude Account (ECA), as at 23 September stands at $470.599 bn.
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