The Federation Accounts Allocation Committee (FAAC) has said that it shared a total of N696.965bn as August 2021 revenue to the Federal, States and Local Governments in Nigeria.

The Office of Accountant General of the Federation (OAGF), in a statement, said that the shared revenue was contained in a communiqué issued by FAAC after its monthly meeting for September 2021 held through virtual conferencing.

The statement was titled ‘FAAC shares N696.965bn August 2021 revenue to FG, states and LGC’.

According to the statement, 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. 

OAGF also said that the excess bank charges recovered were 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 communiqué indicated that from the total revenue, the Federal Government received N289.257bn, while the state and local governments received N217.183bn and N161.541bn respectively.

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