FG, states, LGs share N740.88b for August

The Federal Account Allocation Committee (FAAC) yesterday distributed N740.88 billion to the federal, state and local governments as allocation for August 2019.

Federal Government received N301.804 billion (52.68 per cent), the states N188.925 billion (26.72 per cent) and councils N142.654 billion (20.6 per cent), while the oil-producing states got N43.513 billion as 13 per cent derivation revenue.

However, collection/transfers/ Federal Inland Revenue Service (FIRS)/refund gulped N43.984 billion.

According to a communiqué issued by FAAC, the gross revenue available from Value Added Tax (VAT) for August was N88.082 billion, but July was N94.159 billion.