FAAC: 3 TIERS OF GOVERNNENT SHARE OVER N673 B FOR AUGUST

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Abuja.

The Federation Account Allocation Committee (FAAC) at its meeting shared N673.137 billion to the three tiers of the government, as federation allocation for August, 2022.

From the amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and an Augmentation of Non Oil Excess Revenue, the Federal Government received N259.641 billion, the States received N222.949 billion, and the Local Government Councils got N164.247 billion, while the Oil producing states received N0.000 billion as derivation, (13% of Mineral Revenue).

The communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicates that the Gross Revenue available from the Value Added Tax (VAT) for August 2022 was N215.266 billion, an increase distributed in the preceding month.

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The distribution is as follows; the federal government got N32.290 billion, the States received N107.633 billion, Local Government Councils got N75.343 billion.




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