The Federal Accounts Allocation Committee (FAAC) has distributed N760.717 billion to the three tiers of government as federal allocation for the month of July.
The figure was announced by Oshundun Olajide, Deputy Director (Information) in the Ministry of Finance, Budget and National Planning after Friday’s virtual meeting.
He said that out of the total amount shared, the federal government received N325.988 billion, the states received N224.929 billion while the local government councils got N168.424 billion.
The amount shared was inclusive of Value Added Tax (VAT) and Exchange Gain.
Meanwhile, the oil producing states received N41.376 billion as derivation (13 per cent of mineral revenue).
The communique issued by the committee indicated that the gross revenue available from the VAT for July was N151.134 billion as against N154.465 billion distributed in June.
“The distribution is as follows: Federal government got N21.083 billion, the states received N70.278 billion, local government councils got N49.194 billion, allocation to NEDC was N4.534 billion while cost of collection/transfers/ refunds was N6.045 billion.
“The statutory revenue of N601.095 billion received for the month was lower than the N812.409 billion received for the previous month by N211.314 billion, from which the federal government received N303.765 billon, states got N154.074 billion, LGCs got N118.785 billion, and derivation (13 per cent mineral revenue) got N41.081 billion.”
The communique also revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties recorded significant decreases, while Import and Excise Duty, VAT decreased marginally.
It, however, disclosed that total revenue distributable for the current month inclusive of Gross Statutory Revenue of N617.705 billion, VAT of N140.555 billion, and Exchange Gain of N2.457 billion, bringing the total distributable revenue to N760.717 billion. ##
