FG, states, LGs share N2.25trn August revenue

The Federal Government, states, and section Government Councils (LGs) person shared N2.25 trillion from the federation relationship arsenic gross for August.

The disbursement was made during the Federation Account Allocation Committee (FAAC) gathering held successful Abuja connected Wednesday.

According to a communiqué issued by FAAC, the N2.25 trillion distributable gross comprised N1.48 trillion statutory gross and N672.90 cardinal Value Added Tax (VAT).

It besides comprised N32.34 cardinal Electronic Money Transfer Levy (EMTL) and N41.28 cardinal from Exchange Difference.

The communiqué said that the full gross gross disposable successful August was N3.64 trillion.

“From this amount, N124.84 cardinal was deducted for postulation costs, portion N1.29 trillion was acceptable speech for transfers, interventions, refunds, and savings,” it said.

It said that VAT gross roseate to N722.62 cardinal successful August compared to N687.94 cardinal successful July, showing an summation of N34.68 billion.

“From the N1.48 trillion statutory revenue, the Federal Government received N684.46 billion, authorities governments received N347.17 billion, and LGs received N267.65 billion.

“Oil-producing states got N179.31 cardinal arsenic 13 per cent derivation revenue,” the communiqué said.

It said that retired of the N672.90 cardinal VAT revenue, the Federal Government received N100.94 billion, authorities governments received N336.45 billion, and LGs received N235.52 billion.

“From the N32.34 cardinal EMTL revenue, the Federal Government received N4.85 billion, states got N16.17 billion, portion section authorities councils received N11.32 billion.

“From the N41.28 cardinal Exchange Difference, the Federal Government received N19.80 billion, authorities governments received N10.04 billion, and the LGs received N7.74 billion.

“Oil-producing states got N3.70 cardinal arsenic derivation revenue,” it said.

The communiqué further said that gross statutory gross successful August stood astatine N2.84 trillion, a driblet of N231.91 cardinal compared to N3.07 trillion recorded successful July.

It said that lipid and state royalties, VAT, and CET levies recorded increases, portion revenues from Petroleum Profit Tax (PPT), Companies Income Tax (CIT), import duty, EMTL, and excise work declined. (NAN)

The station FG, states, LGs stock N2.25trn August revenue appeared archetypal connected Vanguard News.