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FAAC shares N720.880bn among FG, states, LGs for August

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By Emmanuel Elebeke

The Federation Accounts Allocation Committee (FAAC) on Thursday shared a total of N720.880bn to the three tiers of government for the month of August 2019.


The amount was shared at the end of the monthly FAAC meeting which held at the headquarters of the Ministry of Finance in Abuja.

The N720.880bn comprised the distributable statutory revenue, N631.796 billion for the month, Value Added Tax, N84.559 billion; and Exchange Gain.

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He explained that there was a transfer to the excess crude account of N20 billion and part of the 2018 refund of FIRS of N4billion, giving a net figure of N591.335 billion before the reduction of distributable revenue.

The amount shared BY FAAC was N48.620bn less than N769.520bn shared in the previous month.

According to the Accountant-General of the Federation (AGF), Mr Ahmed Idris, who briefed newsmen after the meeting, said the amount shared included the gross statutory revenue for the month was N631.796 billion, lesser than the N674.365 billion received in the previous month by N42.569 billion.

Idris added that revenue from the VAT, which stood at N84.559 billion, which was also lesser than N90.394 billion distributed in July, resulting in a decrease of N5.835 billion.

A breakdown of the revenue shared by FAAC shows that the federal government received N288.638bn, states got N146.401bn, LGAs received N112.869 billion. The oil-producing states also got shared of 13 per cent derivation amounting to N43.426 billion.

The value-added tax which was N88.082 billion was subjected to four per cent collection fee of N3.523 billion, leaving N84.559 billion for distribution.

The figure was further distributed to the three tiers of government.

The federal government got N12.684 billion, states received N42.280 billion while LGs N29.596 billion.

There was a transfer of Forex Equalization Account of N20 billion to augment the distribution to the three tiers of government.

According to the AGF, as at 19th September 2019, the balance of Excess Crude Account stood at $328.122 million.


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