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FG, states, LGs shared N1.1 trillion in August – FAAC

 

The Federation Account Allocation Committee (FAAC) has shared a total of N1.1 trillion in August 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils, the Office of the Accountant General of the Federation said Friday.

The FAAC issued a communique at its September 2023 meeting indicating the “N1100.101 billion total distributable revenue”, according to a statement by the OAGF’s Director, Press and Public Relations, Bawa Mokwa.

The funds comprised distributable statutory revenue of N357.398 billion, distributable Value Added Tax (VAT) revenue of N 321.941 billion, Electronic Money Transfer Levy (EMTL) revenue of N14.102 billion, Exchange Difference revenue of N 229.568 billion, and Augmentation of NN177.092 billion.

According to the communique, total revenue of N1.48 trillion was available in the month of August 2023. Total deductions for cost of collection was N58.755 billion, total transfers and refunds was N254.046 billion and savings was N71.000 billion, the statement added.

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