The Federal, State, and Local Government Councils have received a total of N696.965 billion in August 2021 Federation Account Revenue from the Federation Accounts Allocation Committee (FAAC).
This was stated in a communiqué issued by the Office of the Accountant General of the Federation in Abuja yesterday after the virtual meeting of the Federation Account Allocation Committee (FAAC) for September 2021.
The overall distributable revenue of ₦696.965 billion included ₦477.504 billion in distributable statutory revenue, ₦566.228 billion in distributable Value Added Tax (VAT) revenue, ₦2.830 billion in exchange gain, ₦403 million in excess bank charges recovered, and ₦50 billion in non-oil revenue.
Total deductions for the cost of collection, statutory transfers, and refunds totalled ₦72.295 billion in August 2021. The Excess Crude Account (ECA) has a balance of $60.857 million.
The federal government received ₦289.257 billion, state governments ₦217.183 billion, and local government councils ₦161.541 billion from the total distributable revenue of ₦696.965 billion, according to the communiqué.
As a result of the 13 per cent derivation revenue, a total of ₦28.984 billion was distributed to the respective states.
For the month, ₦477.504 billion in distributable statutory revenue was available. The federal government collected ₦236.437 billion, state governments ₦119.924 billion, and local government councils ₦92.456 billion as a result of this. The relevant States received ₦28.687 billion in derivation revenue at a rate of 13%.
The gross revenue available from the Value Added Tax (VAT) in August 2021 was ₦178.509 billion. This was ₦27.375 billion more than the ₦151.134 billion made available in July. The ₦178.509 billion gross Value Added Tax (VAT) income was reduced by the amount of ₦5.141 billion allocated to NEDC and ₦7.140 billion costs of revenue collection, resulting in a distributable Value Added Tax (VAT) revenue of ₦166.228 billion.
The Federal Government collected ₦24.934 billion from the ₦166.228 billion distributable Value Added Tax (VAT) revenue, while State Governments received ₦83.114 billion and Local Government Councils received ₦58.180 billion.
From the ₦2.830 billion in Exchange Gain earnings, the Federal Government collected ₦1.334 billion. State governments earned ₦0.677 billion, local government councils received ₦0.522 billion, and the appropriate States received ₦0.297 billion in derivation money.
₦403 million was recovered in excess bank charges. ₦212 million was given to the federal government, N108 million to state governments, and ₦83 million to local government councils.
The Federal Government earned ₦26.340 billion, State Governments ₦13.36 billion, and Local Government Councils ₦10.3 billion from the₦50 billion non-oil revenue.
Value Added Tax (VAT) and Import Duty climbed dramatically in August 2021, but Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, and Excise Duty decreased, according to the Communiqué.