FAAC Shares N760.7bn July Allocation to FG, States, LGs

The Federation Accounts Allocation Committee (FAAC), has shared a total of N760.717 bllion revenue to the federal, state and local governments for the month of July.

This was contained in a communiqué issued at the end of the virtual meeting of the Committee Friday night.

The N760.717 billion total distributable revenue comprised distributable statutory revenue of N617.705 billion; distributable Value Added Tax (VAT) revenue of N140.555 billion and Exchange Gain of N2.457 billion.

Cost of collection, statutory transfers and refunds accounted for N63.501 billion during the month in view.

The communiqué confirmed that from the total distributable revenue of N760.717 billion; the federal Government received N321.226 billion, the states got N222.514 billion while the local government councils received N166.562 billion.

The sum of N50.415 billion was shared to the relevant states as 13 per cent derivation revenue.

Also in the month of July, the gross revenue available from VAT was N151.134 billion.

This was lower than the N154.465 billion available in the preceding month of June by N3.331billion.

The communique explained that the sum of N4.534 billion allocation to North East Development Commission (NEDC) and N6.045 billion cost of revenue collection were deducted from the N151.134 billion gross VAT, resulting in the distributable VAT revenue of N140.555 billion.

From the N140.555 billion distributable VAT revenue, the federal government received N21.083 billion, state governments received N70.278 billion while the local government councils received N49.194 billion.

Similarly, from the total Exchange Gain revenue of N2.457 billion, the federal government received N1.139 billion, state governments received N0.578 billion, local government councils got N0.445 billion and N0.295 billion was given to the relevant states as 13 per cent derivation revenue.

Petroleum Profit Tax (PPT), Companies Income Tax (CIT), oil and gas royalties recorded significant decreases while Value VAT, import and excise duty decreased marginally in July.

The balance in the Excess Crude Account (ECA) as at August 20, 2021 stood at $60.855 million.

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