FG, states, LGs share N673.137bn for August

The Federation Account Allocation Committee (FAAC) at its assembly shared a complete sum of N673.137 billion to the three tiers of the federal government, as federation allocation for the month of August, 2022.

From this said quantity, inclusive of Gross Statutory Income, Worth Added Tax (VAT), and an Augmentation of Non Oil Extra Income, the Federal Authorities acquired N259.641 billion, the States acquired N222.949 billion, and the Native Authorities Councils obtained N164.247 billion, whereas the Oil producing states acquired N0.000 billion as derivation, (13% of Mineral Income).

The communiqué issued by the Federation Account Allocation Committee (FAAC), on the finish of the assembly, indicated that the Gross Income accessible from the Worth Added Tax (VAT) for August 2022 was N215.266 billion which is a rise distributed within the previous month. The distribution is as follows; the federal authorities obtained N32.290 billion, the States acquired N107.633 billion, Native Authorities Councils obtained N75.343 billion.

Accordingly,  the Gross Statutory Income of N437.871 billion distributed was decrease than the sum acquired within the earlier month, from which the Federal Authorities was allotted the sum of N216.815 billion, States obtained N109.972 billion, LGCs obtained N84.783 billion, and Oil Derivation (13% Mineral Income) obtained N26.301 billion.

Additionally, the N20.000 billion Augmentation of Non Oil Extra Income now transformed to distributable income was shared to the three (3) tiers of presidency as follows; the Federal Authorities acquired N10.536 billion, States obtained N5.344 billion, Native Authorities Councils acquired N4.120 billion.

The communiqué additional revealed that Worth Added Tax (VAT), Import and Excise Duties recorded vital will increase, whereas Corporations Earnings Tax (CIT), Petroleum Revenue Tax (PPT), Oil and Gasoline Royalties decreased significantly.

It was additional disclosed that complete income distributable for the present month of August was drawn from Statutory Income of N437.871 billion, Worth Added Tax (VAT) of N215.266 billion and N20.000 billion Augmentation of Non Oil Extra Income bringing the whole distributable for the month to N673.137 billion.

Nonetheless, the stability within the Extra Crude Account (ECA), as at twenty third September 2022 stands at $470,599.54.

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