FAAC disbursed N696.9bn to FG, states, LGs in August

Adebayo Obajemu

The Office of Accountant General of the Federation recently disclosed that the Federation Accounts Allocation Committee (FAAC) shared a total of N696.965bn as August 2021 revenue to the Federal, States and Local Governments as well as other relevant agencies in Nigeria.

According to the statement by the Director of Information, Press and Public Relations, of the Office of Accountant Genera, Henshaw Ogubike, the gross statutory revenue for August was N477.5bn, the gross revenue from the Value Added Tax was N166.23bn and revenue from the exchange gain amounted to N2.830bn.

According to the statement, 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 Federal Government received N289.257bn, while the state and local governments received N217.183bn and N161.541bn respectively.