The Federation Account Allocation Committee, FAAC says it shared N1.1tn among the three tiers of government as allocation for the month of August 2023.

FAAC disclosed this in a communiqué issued at the end of its latest meeting via the Director, Press and Public Relations, Office of the Accountant-General of the Federation, Bawa Mowa, on Friday, September 29, 2023.

The total N133.99bn was shared in September which indicates a significant increase as compared to the N966.11bn shared for July 2023, and it is the highest this year.

The increase is due to high foreign exchange gains, which boosted the government’s income.

The statement reveals the N1.1tn total distributable revenue comprised of distributable statutory revenue of N357.4bn, distributable Value Added Tax revenue of N321.94bn, Electronic Money Transfer Levy revenue of N14.10bn, Exchange Difference revenue of N 229.57bn and Augmentation of NN177.09bn.

Also Read: NLC, TUC Declares Nationwide Strike From Oct 3

Nigeria at 63: FG Plans Low-Key Celebration

The Federal Government received a total of N431.25bn, the State governments received N361.19bn and the local government Councils received N266.54bn out of the N1.1tn total distributable revenue.

According to the communiqué, the total revenue available for the month of August was N1.48tn, which is a 14 per cent decline from N1.74tn recorded in the previous month with total deductions for the cost of collection, total transfers and refunds and savings stood at N58.76bn, N254.05bn and N71bn respectively.

The Federal account balance in the Excess Crude Account stayed at $473,754.57.

“Gross statutory revenue of N 891.934bn was received for the month of August 2023. This was lower than the N1150.424bn received in the month of July 2023 by N258.490bn. The gross revenue available from the Value Added Tax was N345.727bn. This was higher than the N298.789bn available in the month of July 2023 by N46.938bn.”