The Federal, State and Local governments shared 696.965 billion naira for the month of August 2021 form Federation Accounts Allocation Committee, FAAC. The total amount was 63.752 billion naira less than the 760.717 billion naira shared in July 2021. However FAAC did not explain the decrease in the distributable revenue for August.
A communiqué issued at the end of the virtual meeting of the FAAC shows that the 696.965 billion naira total distributable revenue comprised statutory revenue of 477.504 billion naira; Value Added Tax, VAT revenue of 166.228 billion naira, recovered Exchange Gain of 2.830 billion naira, recovered Excess Bank Charges of 0.403 billion naira and 50 billion naira from non-oil revenue. It also stated that the sum of 72.295 billion naira was the total deductions for cost of collection, statutory transfers and refunds.
It added that that from the total distributable revenue of 696.965 billion naira, the federal government received 289.257 billion naira; states– 217.183 billion naira and the local government councils, 161.541 billion naira.
The communiqué explained that the Federal Government received 24.934 billion naira, the state governments got 83.114 billion naira and that 58.180 billion naira was voted for the local government councils.
