The Federation Accounts Allocation Committee (FAAC), at it's meeting on Thursday, chaired by the Accountant-General of the Federation, Ahmed Idris FCNA...
The Federation Accounts Allocation Committee , at it’s meeting on Thursday, chaired by the Accountant-General of the Federation, Ahmed Idris FCNA, shared a total of N720.880 billion to the three tiers of government for the month of August 2019.
Revenue from Value Added Tax was N88.082 billion as against N94.159 billion in the previous month, resulting in a decrease of N6.077 billion. Exchange Gain yielded total revenue of N1.002 billion.A communique by the Federation Account Allocation Committee indicated that from the total revenue of N720.880 billion, the Federal Government received N301.804 billion, the States received N188.925 billion, and the Local Government Councils received N142.654 billion.
A breakdown of the distribution showed that from the gross statutory revenue of N631.796 billion, the Federal Government received N288.638 billion, the States received N146.401 billion, the Local Government Councils received N112.869 billion, the Oil Producing States received N43.426 billion as 13% derivation revenue and the Revenue Collecting Agencies received N40.461billion as cost of collection.
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