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Reading: Federal government, states, local councils share N673.137 billion for August 2022
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Federal government, states, local councils share N673.137 billion for August 2022

According to the Federation Account Allocation Committee, the three levels of government split N673.137 billion in federation allocation for...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief September 24, 2022
Updated September 24, 2022 at 9:24 AM
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Federal government, states, local councils share N673.137 billion for August 2022
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Federal government, states, local councils share N673.137 billion for August 2022
According to the Federation Account Allocation Committee, the three levels of government split N673.137 billion in federation allocation for August 2022.

This was said in a statement released on Friday by Mr. Phil Abiamuwe-Mowete, Director of Information and Press.

According to the statement, the states received N222.949 billion, the federal government received N259.641 billion, and local government councils received N164.247 billion.

The N673.137 billion, it was further stated, included gross statutory revenue, value-added tax, and an increase in non-oil excess revenue.

The statement indicated that the Gross Revenue available from the VAT for August was N215.266 billion, an increase distributed in the preceding month. Adding that the Gross Statutory Revenue of N437.871 billion distributed, was lower than the sum received in the previous month.

The statement read, “The distribution is as follows: federal government got N32.290 billion, the states received N107.633 billion, local government councils got N75.343 billion.

“This is from which the federal government was allocated the sum of N216.815 billion, states got N109.972 billion, LGCs got N84.783 billion, and Oil Derivation (13 per cent mineral revenue) got N26.301 billion.

“Also, the N20 billion augmentation of Non Oil Excess Revenue now converted to distributable revenue was shared to the three tiers of government as follows; the federal government received N10.536 billion, states got N5.344 billion, LGCs received N4.120 billion.”

The communiqué further stated that VAT, Import and Excise Duties recorded significant increases, while Companies Income Tax, Petroleum Profit Tax, Oil and Gas Royalties decreased considerably.

It was further disclosed that total revenue distributable for the month of August was drawn from Statutory Revenue of N437.871 billion, and VAT of N215.266 billion.

The revenue was also drawn from N20 billion augmentation of Non Oil Excess Revenue, which brought the total distributable for the month to N673.137 billion.

However, the balance in the Excess Crude Account, as at September 23, 2022, stands at 470,599.54 million dollars.
Tags: Business, Finance

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