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The Federation Account Allocation Committee (FAAC) shared a complete sum of N673.137 billion in August 2022 from the Federation Account Income to the federal authorities, states and native authorities councils.
This was contained in a communiqué issued on the finish of the Federation Account Allocation Committee (FAAC) assembly for September 2022, signed by Henshaw Ogubike, director, Data, Press and Public Relations.
The N673.137 billion whole distributable income comprised distributable statutory income of N437.871 billion, distributable Worth Added Tax (VAT) income of N215.266 billion and augmentation of N20.000 billion from the Non-Oil Extra Income.
In August 2022, the full deductions for value of assortment was N35.487 billion and whole deductions for transfers and refunds was N176.907 billion.
The steadiness within the Extra Crude Account (ECA) was $470,599.54
The communiqué confirmed that from the full distributable income of N673.137 billion, the federal authorities obtained N259.641 billion, the state governments obtained N222.949 billion and the native authorities councils obtained N164.247 billion. The sum of N26.301 billion was shared to the related States as 13% derivation income.
- Gross statutory income of N654.360 billion was obtained for the month of August 2022. This was decrease than the sum of N1,066.845 billion obtained within the earlier month by N412.485 billion.
- From the N437.871 billion distributable statutory income, the federal authorities obtained N216.815 billion, the state governments obtained N109.972 billion and the native authorities councils obtained N84.783 billion. The sum of N26.301 billion was shared to the related states as 13% derivation income.
- For the month of August 2022, the gross income out there from the Worth Added Tax (VAT) was N231.171 billion. This was larger than the N190.256 billion out there within the month of July 2022 by N40.915 billion.
- The federal authorities obtained N32.290 billion, the state governments obtained N107.633 billion and the native authorities councils obtained N75.343 billion from the N215.266 billion distributable Worth Added Tax (VAT) income.
- The N20.000 billion augmentation from the non-oil extra income was distributed as follows: the federal authorities obtained N10.536 billion, the state governments obtained N5.344 billion and the native authorities councils obtained N4.120 billion.
In keeping with the communiqué, within the month of August 2022, worth added tax (VAT), import and excise duties recorded important will increase. Nevertheless, petroleum revenue tax (PPT), corporations earnings tax (CIT), oil and fuel royalties decreased significantly.
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