FG, states, LGs shared N696.9bn in August –FAAC


The Federation Accounts Allocation Committee says it shared a total of N696.9bn as August 2021 revenue to the Federal, States and Local Governments as well as other relevant agencies in the country.
The Director of Information, Press and Public Relations at the Office of Accountant General of the Federation, Henshaw Ogubike, revealed this in a statement issued in Abuja on Wednesday.
According to the statement, the gross statutory revenue for August was N477.5bn, the gross revenue from the Value Added Tax and revenue from the exchange gain amounted to around N169bn.
Ogbke also noted that the excess bank charges recovered was N403m, while revenue from non-oil was N50bn, bringing the total gross revenue to N696.97bn.
The statement said, “In August 2021, the sum of N72.29bn was the total deductions for cost of collection, statutory transfers and refunds.”
“The balance in the Excess Crude Account was $60.857m.”
The communiqué indicated that from the total revenue, the Federal Government received N289.257bn, while the state and local governments received N217.183bn and N161.541bn respectively.

Abisola Adebayo is a Reporter/Presenter/Social Media Manager for Tv360Nigeria. She is a first class graduate of the department of Mass Communication at Fountain University, Osogbo. Abisola is currently running her Masters Degree at the University of Lagos. The Social Media savvy young lady is ambitious and driven, likes trying new things and sets new goals for herself. Always looking for an opportunity to do better and achieve greatness.

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