Joseph Inokotong, Abuja
The Federal Account Allocation Committee (FAAC), at its meeting yesterday in Abuja, shared a total sum of N740.880 billion to the Federal, States and Local Governments as statutory allocation for the month of August 2019.
Out of this amount, the Federal Government received N301.804 billion, representing 52.68 per cent, States received N188.925 billion representing 26.72 per cent and Local Government councils got N142.654 billion, representing 20.60 per cent, with Oil producing states recieving N43.513 billion as 13 per cent derivation revenue.
However, cost of collection/Transfers/ FIRS, refund was N43.984 billion.
A communiqué issued by the FAAC indicated that the gross revenue available from the Value Added Tax (VAT) for August 2019 was N88.082 billion as against the N94.159 billion distributed in the previous month of July, 2019, showing in a decrease of N6.077 billion.
The distributed Statutory Revenue of N631.796 billion received for the month of August was lower than the N674.365 billion received in the previous month by N42.569 billion.
The communiqué further disclosed that, revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably, while Value Added Tax (VAT), Royalties, Import and Excise duties dropped.