The Federation Account Allocation Committee (FAAC) has distributed a total of N966.110 billion in July’s Federation Account Revenue among the Federal Government, States, and Local Councils.
This information was detailed in a communiqué released following the conclusion of the FAAC meeting held in Abuja on Tuesday. The meeting was led by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
The N966.110 billion revenue allocation was composed of N397.419 billion in statutory revenue, N271.947 billion in Value Added Tax (VAT) revenue, N12.840 billion from the Electronic Money Transfer Levy (EMTL), and N283.904 billion in Exchange Difference revenue. Additionally, a cost of collection of N62.419 billion was assigned, while deductions for savings, transfers, refunds, and tax credit cancellations amounted to N717.962 billion.
The Excess Crude Account (ECA) was noted to have a balance of $473,754.57.
From the total distributable revenue of N966.110 billion, the Federal Government received N374.485 billion, State Governments received N310.670 billion, and Local Government Councils received N229.409 billion. An amount of N51.545 billion was allotted to oil-producing states as 13% derivation revenue.
July saw a gross statutory revenue of N1.150 trillion, which was slightly lower than June’s N1.152 trillion by N2.497 billion. Among this, the Federal Government received N190.489 billion, State Governments received N96.619 billion, and Local Government Councils received N74.489 billion. An additional N35.822 billion was allocated to relevant states as 13% derivation revenue.
Regarding Value Added Tax (VAT), a gross revenue of N298.789 billion was available in July, showing an increase from June’s N293.411 billion by N5.378 billion. The Federal Government received N40.792 billion from VAT, State Governments received N135.974 billion, and Local Government Councils received N95.181 billion.
Furthermore, the distribution of the N12.840 billion Electronic Money Transfer Levy (EMTL) was as follows: the Federal Government received N1.926 billion, State Governments received N6.420 billion, and Local Government Councils received N4.494 billion.
From the N283.904 billion Exchange Difference revenue, the Federal Government received N141.278 billion, State Governments received N71.658 billion, and Local Government Councils received N55.245 billion. Additionally, N15.723 billion was shared with relevant states as 13% mineral revenue.
The communiqué indicated that Import and Excise Duties and Electronic Money Transfer Levy (EMTL) experienced significant increases, while Value Added Tax (VAT) experienced a slight rise. On the other hand, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas Royalties saw notable decreases during the month of July.