FG, States and LGCs share N740.880 bn allocation for Aug 2019

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.

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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