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Economy

N696.965 billion Allocated to the Federal Government, States, and Local Government Areas in August 2021

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The Federal, State, and Local Governments Councils have received a total of N696.965 billion in August 2021 Federation Account Revenue from the Federation Accounts Allocation Committee (FAAC).

This was stated in a communiqué issued at the conclusion of the Federation Account Allocation Committee’s (FAAC) virtual meeting for September 2021.

The overall distributable revenue of N696.965 billion included N477.504 billion in distributable statutory revenue, N166.228 billion in distributable Value Added Tax (VAT) revenue, N2.830 billion in exchange gain, N0.403 billion in excess bank charges recovered, and N50 billion in non-oil revenue.

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According to the communiqué, the Federal Government received N289.257 billion, State Governments received N217.183 billion, and Local Government Councils received N161.541 billion from the total distributable revenue of N696.965 billion. As a result of the 13 percent derivation revenue, a total of N28.984 billion was distributed to the relevant States.

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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.

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The sum of N28.687 billion was given to the relevant States as 13% derivation revenue.

The gross revenue available from the Value Added Tax (VAT) in August 2021 was N178.509 billion. This was N27.375 billion more than the N151.134 billion made available in July. The N178.509 billion gross Value Added Tax (VAT) income was reduced by the amount of N5.141 billion allocated to NEDC and N7.140 billion cost of revenue collection, resulting in a distributable Value Added Tax (VAT) revenue of N166.228 billion.

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The Federal Government collected N24.934 billion from the N166.228 billion distributable Value Added Tax (VAT) revenue, while State Governments received N83.114 billion and Local Government Councils received N58.180 billion.

The Federal Government received N1.334 billion from the Exchange Gain revenue of N2.830 billion while 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.

Excess Bank Charges were recovered in the amount of N0.403 billion. N0.212 billion went to the federal government, N0.108 billion to state governments, and N0.083 billion to local government councils.

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The Federal Government earned N26.340 billion, State Governments N13.360 billion, and Local Government Councils N10.300 billion from the N50 billion non-oil revenue.

Value Added Tax (VAT) and Import Duty climbed dramatically in August 2021, but Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, and Excise Duty decreased, according to the Communiqué.


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