FAAC Shares N468bn To FG, States, LGs In August - NBC

Briefing journalists at the end of the monthly FAAC meeting yesterday in Abuja, permanent secretary in the ministry of finance, Alhaji Mahmud Dutse, said there was a drastic fall in revenue from Companies Income Tax due to the expiration of the deadline for filling returns.

“Oil royalty recorded a reasonable increase but revenue from import and Excise duties decreased slightly”, he said.

VAT for distribution, less four per cent cost of collection stood at N80.533 billion.

A detailed view of the communiqué showed that the federal government got N193.048 billion or 52.68 per cent of the total Allocation, while the 36 States received N130.691 billion, representing 26.72 per cent.

Local governments councils got N98.014 billion, representing 20.60 per cent of the distributable revenue from which 13 per cent, representing N31.591 billion derivations was shared to the oil and other mineral resources producing states across the country.

The country has a balance of $2.3 billion in its Excess Crude Account.