Rising from the Federal Account Allocation Committee, the federal, states and local government councils have shared N740.880 billion as federal allocation for the month of August 2019. 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 total revenue of N1.002 billion. A communique was released at the end of the meeting to show the breakdown. The federal government received N301.804 billion, representing 52.68 percent; the states, N188.925 billion, representing 26.72 percent and local government councils, N142.654 billion, representing 20.60 percent; while the oil-producing states received N43.513 billion as 13 percent derivation revenue. Meanwhile, the Federal Executive Council (FEC) has approved N8.2billion for four road projects across the country. The meeting which was presided over by President Muhammadu Buhari on Wednesday, September 18 considered and approved four memoranda presented by the ministry of works and housing. Minister of works and housing, Babatunde Fashola, said two of the approvals were to revise the estimates of the cost to enable the contractor to continue work.
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