The FAAC has distributed N1.358 trillion to federal, state, and local governments, marking a significant allocation.
For the month of July, a sum total of N1.358 trillion has been allocated by the Federation Accounts Allocation Committee (FAAC) to both State Governments and Local Government Councils (LGCs), as well as the Federal Government.
The communiqué that contained this information was made public after the FAAC meeting which took place in Abuja on Friday.
As stated in the statement, N161.593 billion of the disbursed funds originated from statutory revenue while N582.307 billion was sourced from Value Added Tax (VAT) and an additional sum of N18.818 billion came via Electronic Money Transfer Levy (EMTL).
In addition, the shared revenue includes N581.710 billion from exchange differences and N13.647 billion from solid minerals.
According to the document, the amount of revenue available for distribution in July was N2.613 trillion.
According to the communiqué, N99.756 billion was deducted for collection costs and a total of N1.155 trillion were transferred as well as refunded through interventions.
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In July, the total revenue received by statuary means was N1.387 trillion, which showed a decline of N45.517 billion from June’s figure of N1.432 trillion.
The VAT earnings in July rose to N625.329 billion, which is a surge of N62.644 billion from the preceding month’s figure of N562.685 billion.
The distribution of N1.358 trillion resulted in the Federal Government receiving N431.079 billion, State Governments getting allotted with a sum of N473.477 billion and Local Government Councils (LGCs) obtaining an amount worth N343.703 billion from it. Apart from this allocation, another sum of around N109.816 was also distributed as derivation revenue to various states which accounted for about 13% mineral revenue overall.
Out of the N161.593 billion statutory revenue, the Federal Government received N58.545 billion while State Governments and LGCs were allocated N29.695 billion andN22.894 respectively.The remaining amount of N50.459billion which represents 13%of mineral revenue was shared among states as derivation revenue .
During the month of July, there were notable rises in Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL as well as CET Levies. However Companies Income Tax (CIT) saw a reduction while Excise Duties only experienced slight growth.
As per the report, there was a total of $473,754 in the Excess Crude Account.
