Federal, states and local governments on Wednesday shared N741.84 billion as revenue generated in August. The figure indicated a N27.04 billion increase when compared to the N714.84 that was shared in July.

The Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, made this known in Abuja while briefing journalists on the outcome of the monthly Federation Account Allocation Committee (FAAC) meeting. He said the increase was due to the increase in crude oil exports sales volume, from 37.4 million barrels in July to 45.7 million barrels in August.

In addition, Mr Isa-Dutse said that Value Added Tax, import duty, Petroleum Profit Tax increased in the month of August, while Companies Income Tax and oil royalty decreased. To this end, the minister said that federal government received N274.88 billion, states N139.42 billion and local government N107.49 billion. He said that N53.03 billion was also shared among the oil producing states, representing 13% of the oil revenue generated in the month of August.

Source: Premium Times