The Federation Account Allocation Committee says it shared N1.1tn among the three tiers of government for August 2023.
The statement showed that the N1.1tn total distributable revenue comprised 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.
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.
“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.”
It was also disclosed that of the total N1.1tn total distributable revenue, the Federal Government received a total of N431.25bn, the State governments received N361.19bn and the local government Councils received N266.54bn.
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