FAAC: FG, State And Local Gov’ts Share ₦966 Billion For July

The Federation Account Allocation Committee (FAAC) has distributed a total of N966.110 billion in revenue from the July Federation Account to the Federal Government, States, and Local Councils. This information was conveyed in a communiqué released at the conclusion of the FAAC meeting held in Abuja on Tuesday.

Chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, the meeting allocated the N966.110 billion distributable revenue as follows: statutory revenue of N397.419 billion, Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion, and Exchange Difference revenue of N283.904 billion.

The cost of collection was assigned N62.419 billion, while deductions for savings, transfers, refunds, and tax credit cancellations amounted to N717.962 billion.

The Excess Crude Account (ECA) currently holds a balance of $473,754.57.

According to the communiqué, the breakdown of the total distributable revenue of N966.110 billion is as follows: the Federal Government received N374.485 billion, State Governments received N310.670 billion, and Local Government Councils received N229.409 billion. Additionally, N51.545 billion was allocated as 13% derivation revenue to the oil-producing states.

For the month of July, the gross statutory revenue was N1.150 trillion, representing a decrease of N2.497 billion from the N1.152 trillion received in June.

From the N397.419 billion distributable statutory revenue, the Federal Government received N190.489 billion, State Governments received N96.619 billion, and Local Government Councils received N74.489 billion. Furthermore, N35.822 billion was shared as 13% derivation revenue to relevant states.

The VAT gross revenue for July was N298.789 billion, marking an increase of N5.378 billion from the N293.411 billion in June 2023. The distribution of the N271.947 billion distributable VAT revenue is as follows: the Federal Government received N40.792 billion, State Governments received N135.974 billion, and Local Government Councils received N95.181 billion.

The distribution of the N12.840 billion Electronic Money Transfer Levy (EMTL) is 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, Local Government Councils received N55.245 billion, and N15.723 billion was shared as 13% mineral revenue to the relevant states.

The communiqué noted that Import and Excise Duties, as well as Electronic Money Transfer Levy (EMTL), witnessed substantial increases in July, while Value Added Tax (VAT) experienced a marginal rise. In contrast, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas Royalties saw significant declines.