The Federation Accounts Allocation Committee (FAAC), at its virtual meeting of Wednesday 22nd September, 2021 shared a total sum of N696.965 billion to the three tiers of government.
This is contained in a statement issued on Thursday by the Deputy Director in charge of Information of the Federal Ministry of Finance and National Planning, Mr. Osundun Olajide.
According to the statement, the communique issued at the end of the meeting stated that total revenue distributable for the current month in the sum of N696.965 is made up of Gross Statutory Revenue of N477.504 billion, Value Added Tax (VAT) of N166.228 billion, Exchange Gain of N2.830 billion, Excess Bank Charges Recovered of N0.403 billion and N50 billion from Non-Oil revenue.
A breakdown shows that the Federal Government received N289.257 billion, the States received N217.183 billion, the Local Government councils got N161.541 billion while the oil producing states received N41.376 billion as derivation (13% of Mineral Revenue).
The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for August, 2021 was N166.228 billion. The distribution is as follows; Federal Government got N24.934 billion, the States received N83.114 billion, Local Government Councils got N58.180 billion.
The communiqué further stated that the sum of N50 billion from Non-Oil revenue was equally distributed accordingly to the three tiers of government as follow: the Federal Government received N26.340 billion; the States got N13.360 while the LGCs received N10.300 billion.
The distributed Statutory Revenue of N477.504 billion was received for the month from which the Federal government received N236.437 billon, States got N119.924 billion, LGCs got N92.4456 billion, and Derivation (13% Mineral Revenue) got N28.687 billion.
The communique also revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Oil and Gas Royalties and Excise Duty recorded decreases, while Import Duty and Value Added Tax (VAT) increased significantly.