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Revenue to governments drops to N1.2trn in August – FAAC

THE monthly revenue allocation to the tiers of government fell to N1.203 trillion in August, compared to the previous month.

The Federation Accounts Allocation Committee (FAAC) disclosed this in a statement on Tuesday, by the director of press and public relations, Ministry of Finance, Bawa Mokwa.

It stated that revenues from oil and gas royalty, petroleum profit tax (PPT), value-added tax (VAT),  import and excise duties, electronic money transfer levy (EMTL), CET levies, and companies income tax (CIT) recorded a decline in the review month.

In May, the FAAC shared N1.143 trillion in revenue to the tiers of government; it increased to N1.354 trillion in June and N1.358 in July before dropping to N1.203 trillion in  August, a check by The ICIR has shown.

In August, the total allocation comprised distributable statutory revenue of N186.636 billion, VAT of N533.895 billion, EMTL of N15.017 billion, and exchange difference of N468.245 billion.

FAAC said N2.278 trillion was available in August, N81.975 billion for cost of collection and N992.617 billion for total transfers, interventions and refunds.

Gross statutory revenue of N1.221 trillion was received in August, lower than the N1.387 trillion received in July.

The VAT gross revenue available was N573.341 billion, lower than the N625.329 billion available in July.



From the N1.203 trillion total distributable revenue, the federal government received N374.925 billion, state N422.861 billion, and LGCs  N306.533 billion.

FAAC said it shared N99.474 billion derivation revenue, representing 13 per cent of mineral revenue to benefiting states.




     

     

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    Further breakdowns show N533.895 billion distributable VAT revenue of which the federal government received N80.084 billion, states N266.948 billion  and LGCs N186.863 billion

    Of the N15.017 billion EMTL  federal government received N2.252 billion, states N7.509 billion and LGCs N5.256 billion.

    Also, of the N468.245 billion exchange difference revenue, the federal government got N220.964 billion, states N112.076 billion, and LGCs N86.406 billion, while N48.799 billion, representing 13 per cent of mineral revenue was shared to the benefiting states as derivation revenue.

    It added that $473,754.57 was the balance in the Excess Crude Account (ECA).

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