CEM REPORT, GOVERNANCE | The Federation Government, States and Local Government Councils jointly received a total of N673.137 billion in August 2022 from the Federation Account Revenue.
According to the Federation Account Allocation Committee (FAAC) via a communiqué the N673.137 billion which was the total distributable revenue comprised; distributable Statutory Revenue of N437.871 billion, distributable Value Added Tax (VAT) revenue of N215.266 billion and Augmentation of N20.000 billion from the Non-Oil Excess Revenue.
The communiqué which was issued at the end of the Federation Account Allocation Committee (FAAC) meeting for September 2022 and signed by Henshaw Ogubike, Director, Information, Press and Public Relations noted that in August 2022, the total deductions for the cost of collection was N35.487 billion and total deductions for transfers and refunds was N176.907 billion while the balance in the Excess Crude Account (ECA) was $470,599.54.
Breakdown of the total distributable revenue of N673.137 billion, the federal government received N259.641 billion, the state governments received N222.949 billion and the local government councils received N164.247 billion. The sum of N26.301 billion was shared with the relevant States as 13% derivation revenue.
From the N437.871 billion distributable statutory revenue, the federal government received N216.815 billion, the state governments received N109.972 billion and the local government councils received N84.783 billion while the sum of N26.301 billion was shared with the relevant states as 13% derivation revenue.
From the N215.266 billion distributable Value Added Tax (VAT) revenue; the federal government received N32.290 billion, the state governments received N107.633 billion and the local government councils received N75.343 billion.
The N20.000 billion augmentation from the non-oil excess revenue was distributed as follows: the federal government received N10.536 billion, the state governments received N5.344 billion and the local government councils received N4.120 billion.
The communique stated that Gross statutory revenue of N654.360 billion was received for August 2022, noting the was lower than the sum of N1,066.845 billion received in the previous month by N412.485 billion.
While the gross revenue available from the Value Added Tax (VAT) was N231.171 billion higher than the N190.256 billion available in July 2022 by N40.915 billion.
Similarly, value-added tax (VAT), import and excise duties recorded significant increases. However, petroleum profit tax (PPT), companies income tax (CIT), oil and gas royalties decreased considerably the communique stated.