FAAC: FG, states, LGs share N1.358trn for July

The Federation Accounts Allocation Committee (FAAC), has shared the sum of N1.358 trillion among the Federal Government, States and Local Government

By Kadiri Abdulrahman

The Federation Accounts Allocation Committee (FAAC), has shared the sum of N1.358 trillion among the Federal Government, States and Local Government Councils (LGCs) for the month of July.

This is contained in a communique issued after FAAC meeting for August on Friday in Abuja.

According to the communique, the N1.358 trillion total distributable fund comprised statutory revenue of N161.593 billion.

It also comprised Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.

Also included in the total distributable revenue was Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.

The communique that a total revenue of N2.613 trillion was available in the month of July.

“Total deduction for cost of collection was N99.756 billion, while total transfers, interventions and refunds was N1.155 trillion ” it said.

According to the communique, gross statutory revenue of N1.387 trillion was received for the month of July.

“This was lower than the sum of N1.432 trillion received in the month of June by N45.517 billion,” it said.

It said that gross revenue of N625.329 billion was available from VAT in July, adding that it was higher than the N562.685 billion available in the month of June by N62.644 billion.

“From the N1.358 trillion total distributable revenue, the Federal Government received the total sum of N431.079 billion and the state government received N473.477 billion.

“The LGCs received N343.703 billion, and a total sum of N109.816 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

It said that on the N161.593 billion statutory revenue, the Federal Government received N58.545 billion and the state government received N29.695 billion.

It added that the LGCs received N22.894 billion, while the sum of N50.459 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

It further said that in July, Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL)and CET Levies increased significantly.

“Furthermore, Companies Income Tax (CIT) recorded a decrease while Excise Duties increased only marginally.

“The balance in the Excess Crude Account is 473, 754 dollars.” (NAN)