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FG, states, LGs shared N696.9bn in August – FAAC

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Zainab Ahmed

The Federation Accounts and Allocation Committee (FAAC) on Thursday shared N696.9 billion among the three tiers of government as revenue allocation for August.

The Director of Information, Press, and Public Relations in the Office of the Account-General of the Federation (OAGF), Henshaw Ogubike, who disclosed this in a statement issued at the end of the monthly FAAC meeting held in Abuja, said the figure was 8.4 percent lower than the N760.7 billion shared by the federal, states and local governments in July.

He said the gross revenue disbursed to the three tiers of government comprises the statutory revenue of N477.5 billion, the gross revenue from the Value Added Tax (VAT) of N166.2 billion, and N2.830 billion as revenue from the exchange gain.

READ ALSO: FG, states, LGs share N760.7bn for July

Ogubike stressed that excess bank charges recovered during the month were N403 million while revenue from the non-oil sector was N50 billion, bringing the total gross revenue to N696.9 billion.

He disclosed that N72.29 billion was realized as deductions for the cost of collection, statutory transfers, and refunds while the balance in the Excess Crude Account (ECA) was $60.9 million

The federal government received N289.3 billion, while the state and local governments collected N217.2 billion and N161.5 billion respectively in August.

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