Minister of Finance Zainab Ahmed : More money shared at FAAC

By Temitope Ponle/Abuja

The Federal Government, states and local government councils have shared N682.06 billion from revenue collected in August, Dr Mahmoud Isa-Dutse, Permanent Secretary, Ministry of Finance, Budget and National Planning, has said.

The amount is slightly higher than the N676.407 billion shared last month.It is also higher than the N651 billion shared in July.

Isa-Dutse said that the money shared excluded cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

According to him, the Federal Government received N272.9 billion, states got N197.65 billion while local government councils had N147.4 billion.

He added that the oil producing states received N30.88 billion as derivation (13 per cent of Mineral Resources) while Cost of Collection/Transfer and Refund was N33.205 billion.

The sharing was done at the Federation Accounts Allocation Committee (FAAC) virtual meeting on Friday.

According to the communique issued by the committee, the gross revenue available from the Value Added Tax (VAT) for August was N150.23 billion.

This was against the N132.61 billion distributed in July, resulting in an increase of N17.611 billion.

“The distribution is as follows: Federal Government got N20.957 billion, states received N69.857 billion, Local Government Councils got N48.900 billion, while Cost of Collection/Transfer and Refund was N10.51 billion.

“The distributed statutory revenue of N531.83 billion received for the month was lower than the N543.788 billion received for the previous month by N11.958 billion,” the communique said.