Business Latest

AUGUST FEDERAL ALLOCATION: FG, states, LGAs share N740.880bn

Federation Account revenue to FG, states, LGs decline by N164bn in Dec

A total sum of N740.88 billion was shared among the Federal, states and Local government on Thursday as federal allocation for August.

This was disclosed in a communiqué signed by Mr Ahmed Idris, the Accountant-General of the Federation (AGF) and issued at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

According to the communiqué, the gross statutory revenue of N631.79 billion received for August was lower than the N674.36 billion received in the previous month by N42.56 billion.

It further revealed that the gross revenue available from VAT for August was N88.08 billion as against the N94.15 billion that was distributed in July, resulting in a decrease of N6.07 billion.

The communiqué, however, said that additional N20 billion from the Forex Equalisation Account would be shared accordingly among the three tiers of government.

On Exchange Gain, it said it yielded total revenue of N1.002 billion.

In the sharing of the allocation, the Federal Government received N301.8 billion representing 52.68 per cent, the states, N188.92 billion representing 72 per cent while the LGAs got N142.65 billion, representing 20.60 per cent.

READ ALSO: State governors give single condition to repay N614bn bailout loans from FG

Also, the mineral producing states got N43.51 billion as 13 per cent derivation revenue, while revenue collecting agencies received N43.98 billion as the cost of collection.

The communiqué also disclosed that the Excess Crude Account (ECA) balance stood at $328.12 million.

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Do NOT follow this link or you will be banned from the site!