FAAC: FG, States, LGs Share N1.1 trn for August

The Federation Account Allocation Committee (FAAC) has actually shared an overall amount of N1.1 trillion as Federation Account Revenue to the Federal Government, States and Local Government Councils for August, 2023. A communique released by the FAAC at its September, 2023 conference showed that the N1.1 trillion overall distributable earnings consisted of distributable statutory income of N357.398 billion, distributable Value Added Tax (VAT) earnings of N 321.941 billion, Electronic Money Transfer Levy (EMTL) earnings of N14.102 billion, Exchange Difference profits of N 229.568 billion and Augmentation of NN177.092 billion. According to the communique, overall income of N1483.902 billion was readily available in the month of August 2023. Overall reductions for expense of collection was N58.755 billion, overall transfers and refunds was N254.046 billion and cost savings was N71.000 billion. Gross statutory earnings of N 891.934 billion was gotten for the month of August 2023. This was lower than the N1150.424 billion gotten in the month of July 2023 by N258.490 billion. The gross earnings offered from the Value Added Tax (VAT) was N345.727 billion. This was greater than the N298.789 billion readily available in the month of July 2023 by N46.938 billion. The communique mentioned that from the N1.1 trillion overall distributable profits, the Federal Government got an overall of N431.245 billion, the State Governments got N361.188 billion and the Local Government Councils got N266.538 billion. An overall amount of N26.473 billion (13% of mineral income) and N14.657 billion (13% of cost savings from NNPCL), were shared to the pertinent States as derivation profits. From the N357.398 billion distributable statutory profits, the Federal Government got N173.102 billion, the State Governments got N87.800 billion and the Local Government Councils got N67.690 billion. The amount of N14.446 billion (13% of mineral profits) and N14.361 billion (13 % of cost savings from NNPCL) were shared to the pertinent States as derivation income. The Federal Government got N48.291 billion, the State Governments got N160.971 billion and the Local Government Councils got N112.679 billion from the N321.941 billion distributable Value Added Tax (VAT) earnings. The N14.102 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government got N2.115 billion, the State Governments got N7.051 billion and the Local Government Councils got N4.936 billion. The Federal Government got N114.445 billion from the N229.568 billion Exchange Difference earnings. The State Governments got N58.048 billion, and the Local Government Councils got N44.752 billion. The amount of N12.027 billion (13% of mineral profits) and N0.296 billion (13 % of cost savings from NNPCL) went to the pertinent States as derivation income. From the N177.092 billion Augmentation, the Federal Government got N93.292 billion, the State Governments got N47.319 billion and the Local Government Councils got N36.481 billion. In the month of August 2023, Value Added Tax (VAT), Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased significantly while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties tape-recorded considerable declines. The Committee likewise revealed that the balance in the Excess Crude Account (ECA) was $473,754.57.

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