Business How FG, States, LGs Shared N467.8b in August

kemi

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The federal government, states and local governments shared N467.8 billion in August, the Minister of Finance, Kemi Adeosun, said on Tuesday.

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This indicates a shortfall in revenue by N184.2 billion from N652 billion shared in July.

Mrs. Adeosun, who was represented by the Permanent Secretary in the ministry, Mahmoud Dutse, said this at the end of the monthly Federation Account Allocation Committee, FAAC, meeting on Tuesday in Abuja.

She said the shared amount was inclusive of Value Added Tax, VAT.

The Gross statutory revenue was put at N387.31 billion, while the VAT was N80.53 billion.

She said the decline in revenue was caused by a drastic fall in revenue from Companies Income Tax, CIT, due to the expiration of the deadline for filing tax returns.

Giving a breakdown of the allocation, Mrs. Adeosun said the federal government received N193.04 billion, states N130.69 billion and local governments N98.01 billion.

She also said N31.59 billion was given to the nine oil producing states as their 13 per cent derivation.

She put the balance in the Excess Crude Account, ECA, at $2.3 billion.



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