The three tiers of government, consisting Federal, States and Local Government Councils shared over N1.1 trillion as statutory allocation from the Federation Account Allocation Committee (FAAC) for August 2023.
A communique issued by the FAAC Secretariat at the end of its September, 2023 meeting held on Friday showed that the total distributable allocation comprised statutory revenue of N357.398 billion, Value Added Tax (VAT) revenue of N321.941 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion, Exchange Difference revenue of N229.568 billion and Augmentation of N177.092 billion.
The communique signed by the Accountant General of the Federation, Oluwatoyin Madein, showed that gross revenue realised from all the revenue streams for the month of August 2023 was about N1.48 trillion.
From the figure, about N58.755 billion was deducted for cost of collection by the three revenue generating agencies, namely Federal Inland Revenue Service (FIRS), Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and Nigeria Customs Service (NCS), in addition to total transfers and refunds N254.046 billion and savings N71.000 billion.
Also, gross statutory revenue of N891.934 billion was received for the month showed it was lower than the N1.15 trillion received in the month of July 2023 by N258.490 billion.
Further details showed that the gross revenue available from the VAT (N345.727 billion) was higher than the N298.789 billion available in the month of July 2023 by N46.938 billion.
The communique disclosed that during the month, VAT, Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably, while Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases, while the balance in the Excess Crude Account (ECA) stood at about $473,754.57.
A breakdown of the distribution of revenue received by each tier of government showed the Federal Government received a about N431.245 billion, or 52. 68 percent; the State Governments N361.188 billion, or 26.72 percent, and the Local Government Councils N266.538 billion, or 20.6 percent, while about N26.473 billion was shared as13 percent derivation mineral revenue by the relevant oil producing states. Another N14.657 billion was also shared as 13 percent of savings from the Nigerian National Petroleum Company Limited (NNPCL) to the relevant States as derivation revenue.
From the N357.398 billion distributable statutory revenue, the Federal Government received N173.102 billion, the State Governments N87.800 billion and the Local Government Councils N67.690 billion, while N14.446 billion was shared as 13 percent derivation mineral revenue and N14.361 billion as 13 percent derivation savings from NNPCL to the relevant States as derivation revenue.
The Federal Government received N48.291 billion, the State Governments N160.971 billion and the Local Government Councils N112.679 billion from the N321.941 billion distributable Value Added Tax (VAT) revenue.
The N14.102 billion Electronic Money Transfer Levy (EMTL) was shared to the Federal Government N2.115 billion, the State Governments N7.051 billion and the Local Government Councils N4.936 billion.
The Federal Government received N114.445 billion from the N229.568 billion Exchange Difference revenue, while the State Governments got N58.048 billion, and the Local Government Councils N44.752 billion. About N12.027 billion was shared as 13 percent derivation mineral revenue and N0.296 billion as 13 percent derivation revenue savings from NNPCL to the relevant States as derivation revenue.
In addition, from the N177.092 billion Augmentation, the Federal Government received N93.292 billion, the State Governments N47.319 billion and the Local Government Councils N36.481 billion.