FG, States, Councils Receive N966.1bn from FAAC for August

By Aduragbemi Omiyale

The sum of N966.1 billion has been shared by the federal, state and local governments of the federation as allocation for the month of August 2023.

The money was distributed to the three tiers of government by the Federation Account Allocation Committee (FAAC) from the revenue generated by the nation in July 2023.

The committee held its monthly meeting in Abuja on Tuesday and was chaired by the new Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun.

A communique issued at the end of the gathering disclosed that the amount shared by the parties was from the N1.747 trillion earned last month. It comprises gross statutory revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and exchange difference.

It was stated that the total revenue distributable had a statutory revenue of N397.419 billion, VAT of N271.947 billion, electronic money transfer levy of N12.840 billion, and exchange difference of N283.904 billion.

A breakdown showed that from the N966.1 billion disbursed by FAAC, the central government got N374.485 billion, the states were given N310.670 billion, the local councils received N229.409 billion, and the oil-producing states shared N51.545 billion as 13 per cent derivation fund.

The balance in the Excess Crude Account (ECA) as of August 22, 2023, stands at $473,754.57.