FG, States, LGs share ₦696.965 In August

In August 2021, the government, at all levels, in Nigeria shared the sum of ₦696.965 billion as federation allocation.

This is according to the details of the communiqué provided by the Deputy Director (Information), Ministry of Finance, Oshundun Olajide.

The Federal Government received ₦289.257 billion; states got ₦217.183 billion; Local Governments received ₦161.541 billion.

The total amount shared was inclusive of Value Added Tax, Exchange Gain, Excess Bank Charges and revenue from Non-Oil.

The oil-producing states were said to have received ₦41.376 billion as derivation (13 percent of mineral revenue).

The Gross Revenue available from the VAT for August was ₦166.228 billion. In the distribution, the FG got ₦24.934 billion; states received ₦83.114 billion; LGs – ₦58.180 billion.

The sum of ₦50 billion from Non-Oil revenue was also distributed accordingly; FG – ₦26.340 billion; States – ₦13.360 billion; LGs – ₦10.300 billion.

While the statutory revenue of ₦477.504 billion was shared for the month, FG received ₦236.437 billion; States ₦119.924 billion, and LGs ₦92.4456 billion.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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