FAAC: FG, States, LGs Share N954bn Revenue For July

The Federation Account Allocation Committee (FAAC) distributed N954.085 billion revenue to the three levels of government in July, 2022.

The FAAC allocation from the revenue of June show that the States received N281.342bn, the Local Government Councils got N210.617bn, while the Oil producing states received N55.515bn as derivation (13 per cent of Mineral Revenue).

The amount shared is inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N406.610bn.

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The communiqué issued by the FAAC at the end of the meeting, indicated that the Gross Revenue available from the VAT for July 2022 was N177.167bn which is a decrease distributed in the preceding month. The distribution is as follows; Federal Government got N26.575bn, the States received N88.584bn, Local Government Councils got N62.008bn.

But the Gross Statutory Revenue of N776.918bn distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N380.035bn, States got N192.759bn, LGCs got N148.609bn, and Oil Derivation (13% Mineral Revenue) got N55.515bn.

The communiqué further revealed that Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases, while Import Duty and VAT decreased considerably.

It was further disclosed that total revenue distributable for the current month of July was drawn from Statutory Revenue of N776.918bn and VAT of N177.167bn bringing the total distributable for the month to N954.085bn.

However, the balance in the Excess Crude Account (ECA), as at 24th August, 2022 stands at $470,599.54.