FAAC Report for August, 2012
The Federation Account Allocation Committee met and shared N520.917billion for the month of July to the three tiers of government i.e. Federal, States and Local government.
The meeting which was chaired by the Hon. Minister of State for Finance Dr. Yerima Lawan Ngama, considered and approved the account using 52.68% for Federal, 26.72% for the states and 20.60% for the Local Government. In all, the Federal Government got N217.770 billion excluding VAT, States had N110.456 billion, while Local Government received N85.157 billion.
The Value Added Tax (VAT) component was equally shared among the three tiers of Government.
Federal Governmet had N7.763 billion, States got N25.877 billion and Local government received N18.114billion. N53.910 billion was the total VAT collected for the month of July. Also shared was 1billion dollars from the excess crude account. Equally N27 billion naira was shared as the differential fund from the exchange rate gain. In addition, the sum of N35.549 billion is also proposed for distribution for the SURE-P programme.
The gross revenue for N825.395 billion received for the month was higher than the N763.563 billion received in the previous month by N61.843 billion. This was due to the increased quantity of crude oil exported in the month.
The meeting was attended by the Commissioners of Finance and their Accountant Generals from the 36 state including the Federal Capital.