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August revenue drops by N280bn as FG, states, LGAs share N673.137bn

The revenue shared in August by the three tiers of government dropped by 280.948 billion as the federal, state and Local Government Councils (LGCs) shared…

The revenue shared in August by the three tiers of government dropped by 280.948 billion as the federal, state and Local Government Councils (LGCs) shared N673.137bn.

They had shared N954.085bn for July, acclaimed to be the highest this year. That was a rise by N151.678bn from the N802bn the governments got for June.

According to records from the Federation Account Allocation Committee (FAAC), the August revenue of N673.137bn included Gross Statutory Revenue of N437.871bn, Value Added Tax (VAT) of N215.266bn, and augmentation of Non-Oil Excess Revenue of N20bn.

Out of the sum, the federal government received N259.641bn, the 36 states got N222.949bn while the LGCs got N164.247bn. The oil-producing states received N26.301bn as derivation (13% of mineral revenue).

The communiqué issued by FAAC after its meeting showed that the gross revenue from VAT was N215.266bn, a rise above the July figure. From this, the federal government got N32.290bn, the states received N107.633bn and the LGCs got N75.343bn.

The gross statutory revenue of N437.871bn was distributed with the federal government getting N216.815bn. While the states got N109.972bn, LGCs got N84.783bn, and oil derivation was N26.301bn. 

From a N20bn augmentation of non-oil excess revenue, the federal government received N10.536bn, states got N5.344bn and LGCs received N4.120bn.

The communiqué further revealed that VAT, Import and Excise Duties recorded significant increases, while Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties decreased considerably.

However, the balance in the Excess Crude Account (ECA), as at 23rd September 2022 stands at $470,599.54. It means the ECA did not grow or deplete as it was the same figure for the July revenue period. It had dropped from $35.37 million in May to $376,655 in June before reaching $470,599.54 in July.