FG, states, LGs share N696.965bn revenue for August

The federal, state and local governments have shared a total of N696.965 billion as revenue for August 2021.

This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee for September 2021

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The N696.965bn total distributable revenue comprised distributable statutory revenue of N477.504bn; distributable Value Added Tax revenue of N166.228bn, Exchange Gain of N2.830bn, Excess Bank Charges Recovered of N0.403bn and N50bn from Non-Oil revenue.

In August 2021, the sum of N72.295bn was the total deductions for the cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account was $60.857m.

The communiqué confirmed that from the total distributable revenue of N696.965bn, the federal government received N289.257bn; the state governments, N217.183bn and the local government councils, N161.541bn. The sum of N28.984bn was shared to the relevant states as 13% derivation revenue.

The distributable statutory revenue of N477.504bn was available for the month. From this, the federal government received N236.437bn; the state governments, N119.924bn and the local governments, N92.456bn. The sum of N28.687bn was given to the relevant states as 13% derivation revenue.

In the month of August 2021, the gross revenue available from the VAT was N178.509bn. This was higher than the N151.134bn available in the month of July by N27.375bn. The sum of N5.141bn allocation to the NEDC and N7.140bn cost of revenue collection were deducted from the N178.509bn gross VAT revenue, resulting in the distributable VAT revenue of N166.228bn.

From the N166.228bn distributable VAT revenue, the Federal Government received N24.934bn, the state governments, N83.114bn and the local governments, N58.180bn.

The federal government received N1.334bn from the Exchange Gain revenue of N2.830bn; the state governments, N0.677bn; the local governments, N0.522bn and N0.297bn was given to the relevant states as 13% derivation revenue.

The Excess Bank Charges Recovered was N0.403bn. The Federal Government received N0.212bn; the state governments, N0.108bn and the local governments, N0.083bn.

From the N50bn non-oil revenue, the federal government received N26.340bn; the state governments, N13.360bn and the local governments, N10.300bn.

According to the communiqué, in the month of August 2021, VAT and Import Duty increased significantly; while Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties and Excise Duty recorded decreases.