The Federation Accounts Allocation Committee (FAAC) has announced it shared the sum of N696.965 billion as federal allocation for the month of August, with Gross Revenue available from VAT at N166.228 billion.
This was disclosed in a statement by Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning on Thursday, in Abuja.
The Ministry revealed in the statement that the FAAC committee meeting was held virtually on Wednesday. The committee revealed in a communique that the sum of N696.965 billion was shared. They added that the Federal Government received N289.257 billion, the states got N217.183 billion and the Local Governments (LGs) received N161.541 billion.
It was stated also that the total amount shared was inclusive of Value Added Tax (VAT), Exchange Gain, Excess Bank Charges and revenue from Non-Oil.
Oil-producing states received N41.376 billion as derivation (13 per cent of Mineral Revenue). The Gross Revenue available from the VAT for August was N166.228 billion.
Credit: Nairametrics
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