The federation account allocation committee (FAAC) says the three tiers of presidency shared a complete of N1.203 trillion in August 2024 from a gross complete of N2.278 trillion.
Based on a press release on Tuesday by Mohammed Manga, director of data and public relations at ministry of finance, FAAC introduced the allocation at its September assembly chaired by Wale Edun, minister of finance.
The quantity shared dropped by N155 billion in comparison with the N1.35 trillion allotted in July.
“From the said quantity inclusive of gross statutory income, worth added tax (VAT), digital cash switch levy (EMTL) and alternate distinction (ED), the federal authorities acquired N374.925 billion, the states acquired N422.861 billion, the native authorities councils received N306.533 billion, whereas the oil producing states acquired N99.474 billion as derivation, (13% of mineral income),” Manga stated.
“The sum of N81.975 billion was given for the price of assortment, whereas N992.617 billion was allotted for transfers intervention and refunds.”
Manga stated the communique issued by the FAAC reveals that the gross income from VAT for August was N573.341 billion, representing a lower of N51.988 billion from the N625.329 billion distributed in July.
He stated from that quantity, the sum of N22.934 billion was allotted for the price of assortment and the sum of N16.512 billion was given for transfers, intervention and refunds whereas the remaining N533.895 billion was shared among the many three tiers of presidency.
The director stated the federal authorities acquired N80.084 billion, the states received N266.948 billion, and native authorities councils had been allotted N186.863 billion.
“Accordingly, the gross statutory income of N1.221 trillion acquired for the month was decrease than the sum of N1.387 acquired within the earlier month by N165.994,” Manga stated.
“From the said quantity, the sum of N58.415 billion was allotted for the price of assortment and a complete sum of N976.105 billion for transfers, intervention and refunds.
“The remaining stability of N186.636 billion was distributed as follows to the three tiers of presidency: federal authorities received the sum of N71.624 billion, states acquired N36.329 billion, the sum of N28.008 billion was allotted to LGCs and N50.675 billion was given to derivation income (13% mineral producing states).
“Additionally, the sum of N15.643 billion from digital cash switch levy (EMTL) was distributed to the three (3) tiers of presidency as follows: the federal authorities acquired N2.252 billion, states received N7.509 billion, native authorities councils acquired N5.256 billion, whereas N0.626 billion was allotted for price of assortment.”
He stated the communique additionally confirmed that N468.245 billion from the alternate distinction was shared, with the federal authorities receiving N220.964 billion, the states receiving N112.076 billion, native governments N86.406 billion and N48.799 billion going to the oil-producing states as derivation (13 % of mineral income).
Manga stated the communique additionally reported decreases in income from corporations revenue tax (CIT), VAT, import and excise duties, EMTL, petroleum revenue tax (PPT), oil and gasoline royalty and customs exterior tariff (CET) levies.
“Based on the communique, the overall income distributable for the present month of August 2024, was drawn from statutory Income of N186.636 Billion, Worth Added Tax (VAT) of N533.636 Billion, N15.017 Billion from Digital Cash Switch Levy (EMTL) and N468.245 Billion from Trade Distinction, bringing the overall distributable quantity for the month to N1.203 Trillion,” he stated.
“The stability within the Extra Crude Account (ECA) as at September 2024 stands at $473.754.57.”
‘NIGERIA’S ECONOMY IS ON RIGHT PATH’
Talking on the assembly, Edun appreciated members of the FAAC for his or her continued assist and contributions, urging them to do extra.
He additionally thanked revenue-generating businesses for his or her laborious work in making certain easy operations for all ranges of presidency.
The minister assured that Nigeria’s economic system is on the suitable path, including that the nation has a president whose actions are consistent with the rule of regulation.
“He’s ensuring that regardless of the nation goes by is a stringent financial circumstances aimed toward repositioning the economic system for the profit and way forward for our nation,” Edun stated.
“The insurance policies are for the nice of the nation. It’s for our personal good, we now have to undergo turbulent state of affairs earlier than the economic system will stabilise for good.”
Edun stated the financial challenges aren’t distinctive to Nigeria however are being skilled globally, including that “we now have to play our personal function and fasten our belts”.
