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FG, States, Lgs Share N740, 880bn FAAC Allocation For August - Politics - Nairaland

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FG, States, Lgs Share N740, 880bn FAAC Allocation For August by State001: 9:30pm On Sep 19
FG, States, Councils share N720.880 Billion In August

The Federal Government, 36 States and 774 Local Government Councils shared a total of N720.880 billion for the month of August 2019.

This was disclosed at the monthly meeting of Federation Accounts Allocation Committee (FAAC) on Thursday,

The N720.880 billion comprised revenue from Value Added Tax (VAT), exchange Gain and gross statutory revenue.

The gross statutory revenue for the month of August 2019 was N631.796 billion. It was lower than the N674.365 billion received in the previous month by N42.569 billion.

Revenue from Value Added Tax (VAT) was N88.082 billion as against N94.159 billion in the previous month, resulting in a decrease of N6.077 billion.

Exchange Gain yielded a total revenue of N1.002 billion.

A communique issued by the Federation Account Allocation Committee (FAAC) indicated that from the total revenue of N720.880 billion, the Federal Government received N301.804 billion, the States received N188.925 billion, and the Local Government Councils received N142.654 billion.

The Oil Producing States received N43.513 billion as 13% derivation revenue and the Revenue Generating Agencies received N43.984 billion as cost of revenue collection. In addition, the meeting agreed to share N20 billion from Forex Equalization fund.

A breakdown of the distribution showed that from the gross statutory revenue of N631.796 billion, the Federal Government received N288.638 billion, the States received N146.401 billion, the Local Government Councils received N112.869 billion, the Oil Producing States received N43.426 billion as 13% derivation revenue and the Revenue Collecting Agencies received N40.461billion as cost of collection.

From the Value Added Tax (VAT) revenue of N88.082 billion, the Federal Government received N12.684 billion, the States received N42.280 billion, the Local Government Councils received N29.596 billion and the Revenue Generating Agencies received N3.523 billion.

The communiqué stated that for the month of August 2019, revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) recorded significant increases while Royalties, Import and Excise Duties and Value Added Tax (VAT) decreased substantially.

However, the N20 billion naira from forex Equalization fund will be added to the N720.880 billion and share accordingly and will bring the Gross to N740,880

The balance in the Excess Crude Account is $328.122 million as at 19th September 2019.

https://punchng.com/fg-states-lgs-share-n769-523bn-for-july/amp/

3 Likes 1 Share

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by Aonkuuse(m): 9:38pm On Sep 19
I cry for Nigeria when even all these monies is shared, nothing to show for it.

16 Likes 3 Shares

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by MANNABBQGRILLS: 5:43am On Sep 20
Ask your Local Government and State Governors what they are doing with all these BILLIONS of Naira.

Especially Naija Delta People whose region get the biggest share in the country.

If you hold your leaders accountable, they will do what they are voted to do and will stop looting your lives and that of your unborn kids.

18 Likes 2 Shares

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by mmadu4: 5:43am On Sep 20
imagine all this monies and people are dying of poverty and hardship , i sorry my country

1 Like 1 Share

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by 3rdavefarms(m): 5:45am On Sep 20
With all this money , something is still wrong with us as a nation
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by MANNABBQGRILLS: 5:45am On Sep 20
Aonkuuse:
I cry for Nigeria when even all these monies is shared, nothing to show for it.
mmadu4:
imagine all this monies and people are dying of poverty and hardship , i sorry my country
Hold your Local Government Chairmen, House of Rep members, State Governors accountable for what they are doing with all these BILLIONS of Naira.

5 Likes 2 Shares

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by Obanaijacom: 5:45am On Sep 20
Kings of scam

1 Like

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by apriko(m): 5:45am On Sep 20
Do we even have LG.....scammers in government

1 Like

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by netpro(m): 5:45am On Sep 20
Some states will collect, chop and clean mouth.

While some who are owing workers will be starting some white elephant projects.

2 Likes 1 Share

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by dukeprince50(m): 5:46am On Sep 20
ok
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by olaniyilukman: 5:46am On Sep 20
All these money this federal and other levels of Govt are sharing is a total budget of some countries in African states

2 Likes

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by ednut1(m): 5:46am On Sep 20
Share share share with no impact on the common man. The LGAs self no one beams the search light on them. One day there will be nothing to share

2 Likes 2 Shares

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by Cajal(m): 5:46am On Sep 20
This is much
I remember 2016/17....when they used to share 367/400 billion... Reason for owning salaries
Even with this some states are still owning... NAwa....ooo

1 Like

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by Authoreety: 5:47am On Sep 20
What about individuals wey no dey work for govt parastatals
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by Yankee101: 5:49am On Sep 20
The entire country...$2bn.

Any govt that must succeed must innovate, it's not breaking the port or equitable sharing that's the problem...they need to grow the pot bigger

3 Likes

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by mmadu4: 5:50am On Sep 20
MANNABBQGRILLS:


Hold your Local Government Chairmen, House of Rep members, State Governors accountable for what they are doing with all these BILLIONS of Naira.


MANNABBQGRILLS stop quoting me and face your food selling business .

1 Like 2 Shares

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by kreate1000: 5:50am On Sep 20
Wow
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by kenodrill: 5:50am On Sep 20
Even with the billions been shared people are still suffering. Yet people will still blame the FG for the hardship they face.Go and hold your state governors and LG chairmen accountable.

1 Like

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by Sheriman(m): 5:53am On Sep 20
Since I was a kid I have been hearing Billions of Naira allocated to FG LG States but I hardly see any tangible Positive Development.
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by chloride6: 5:56am On Sep 20
Nice payout
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by samili147: 5:59am On Sep 20
Tomorrow we will blame Buhari most of the problems are from govonors

4 Likes 1 Share

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by anonimi: 6:01am On Sep 20
Aonkuuse:
I cry for Nigeria when even all these monies is shared, nothing to show for it.

What can your crying do without any complimentary effort?
Don't you know the public servants responsible who are hailed by the shuffering and smiling mumu citizens?


2 Likes

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by xana101: 6:02am On Sep 20
Our problem is the state government. Once they allow local governments to be independent Nigeria can atleast move one step forward
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by Lumig: 6:05am On Sep 20
samili147:
Tomorrow we will blame Buhari most of the problems are from govonors
Gbam! Many Nigerians are blind to the truth
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by kolafolabi(m): 6:07am On Sep 20
National cake
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by hush15: 6:12am On Sep 20
MANNABBQGRILLS:


Hold your Local Government Chairmen, House of Rep members, State Governors accountable for what they are doing with all these BILLIONS of Naira.

Is it not your party men that are in all these places.....
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by olu77(m): 6:12am On Sep 20
Will there be transparency and accountability?
Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by MANNABBQGRILLS: 6:14am On Sep 20
Ignore losers.

1 Like 1 Share

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by MANNABBQGRILLS: 6:15am On Sep 20
samili147:
Tomorrow we will blame Buhari most of the problems are from govonors
Don't mind the children of hate and perdition

2 Likes 1 Share

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by ecclize: 6:16am On Sep 20
like all this money are they thrown inside river or what?
or are the state government saving it for future generations?...
some parts of these news are fabricated lies especially the local government part...
some local government receive little or nothing infact some local govt. don't even have chairman

1 Like

Re: FG, States, Lgs Share N740, 880bn FAAC Allocation For August by Ibrahim9090: 6:18am On Sep 20
Noted

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FAAC Allocates N720.880bn Among FG, States, LGs For August / FAAC: FG, States, Lgs Share N668.89b After Deadlock / Infograph: FAAC Allocation Distribution To 36 States From January - March 2017

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