The Federation Accounts Allocation Committee (FAAC) has shared a total of N696.965 billion August 2021 Federation Account Revenue to the Federal, States and Local Governments Councils.

This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for September 2021.

The N696.965 billion total distributable revenue comprised distributable statutory revenue of N477.504 billion; distributable Value Added Tax (VAT) revenue of N166.228 billion, Exchange Gain of N2.830 billion, Excess Bank Charges Recovered of N0.403 billion and N50 billion from Non-Oil revenue. In August 2021, the sum of N72.295 billion was the total deductions for cost of collection, statutory transfers and refunds.

The balance in the Excess Crude Account (ECA) was $60.857 million. The communiqué confirmed that from the total distributable revenue of N696.965 billion, the Federal Government received N289.257 billion, the State Governments received N217.183 billion, and the Local Government Councils received N161.541 billion.

The sum of N28.984 billion was shared to the relevant States as 13% derivation revenue. The distributable statutory revenue of N477.504 billion was available for the month. From this, the Federal Government received N236.437 billion, the State Governments received N119.924 billion and the Local Government Councils received N92.456 billion. The sum of N28.687 billion was given to the relevant States as 13% derivation revenue.

In the month of August 2021, the gross revenue available from the Value Added Tax (VAT) was N178.509 billion. This was higher than the N151.134 billion available in the month of July by N27.375billion.

The sum of N5.141 billion allocation to NEDC and N7.140 billion cost of revenue collection were deducted from the N178.509 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N166.228billion. From the N166.228 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.934 billion, the State Governments received N83.114 billion and the Local Government Councils received N58.180 billion.

The Federal Government received N1.334 billion from the Exchange Gain revenue of N2.830 billion. The State Governments receive N0.677 billion, the Local Government Councils received N0.522 billion and N0.297 billion was given to the relevant States as 13% derivation revenue. The Excess Bank Charges Recovered was N0.403 billion.

The Federal Government received N0.212 billion, the State Governments received N0.108 billion, and the Local Government Councils received N0.083 billion. From the N50 billion Non-Oil revenue, the Federal Government received N26.340 billion, the State Governments received N13.360 billion, and the Local Government Councils received N10.300 billion.

According to the Communiqué, in the month of August 2021, Value Added Tax (VAT) and Import Duty increased significantly, while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties and Excise Duty recorded decreases.