The Federation Accounts Allocation Committee (FAAC) has shared a total of 696.965 billion naira as federation allocation for the month of August.

OSHUNDUN OLAJIDE, a Deputy Director of Information at the Office of Accountant General of the Federation (OAGF), disclosed this in a statement.

This comes as the nation records a significant increase in the collection of Value Added Tax (VAT) and import duty, amid the lingering controversy over whose responsibility it is to collect VAT.

A series of court cases and rulings emerged recently as the Rivers State government, backed by Lagos and some other states, challenge the legality of the Federal Inland Revenue Service (FIRS) to collect VAT.

OLAJIDE stated that FAAC held a virtual conference on Wednesday where it shared the sum to the three tiers of government.

The communique issued at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for August was 166.228 billion naira.