November 22, 2024
FAAC

The Federation Account Allocation Committee (FAAC), has shared N966.110 billion revenue to the Federal Government, States and Local Government Councils (LGCs) for July.

This is contained in a communiqué issued at the end of FAAC.meeting for August, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

According to the communique, the N966.110 billion total distributable revenue comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, and Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion.

It also comprised Exchange Difference revenue of N283.904 billion.

“In July, the total deductions for cost of collection was N62.419 billion, and total deductions for savings, transfers, refunds and tax credit cancellation was N717.962 billion.

“The balance in the Excess Crude Account (ECA) was 473,754.57 dollars”.

According to the communiqué, from the total distributable revenue of N966.110 billion; the Federal Government received N374.485 billion, state governments received N310.670 billion and the LGCs received N229.409 billion.

It said that N51.545 billion was shared as 13 per cent derivation revenue to oil derivation states.

“Gross statutory revenue of N1150.424 billion was received for the month of July.

“This was lower than the sum of N1152.921 billion received in the month of June by N2.497 billion.

“From the N397.419 billion distributable statutory revenue, the Federal Government received N190.489 billion, the State governments received N96.619 billion and the LGCs received N74.489 billion.

“The sum of N35.822 billion was shared to the relevant States as 13 per cent derivation revenue,” it said.

It said that the gross revenue available from VAT was N298.789 billion.

“This was higher than the N293.411 billion available in the month of June 2023 by N5.378 billion.

“The Federal Government received N40.792 billion, the State Governments N135.974 billion and the LGCs received N95.181 billion from the N271.947 billion distributable VAT revenue.

“The N12.840 billion EMTL was shared as follows:

“The Federal Government received N1.926 billion, the State Governments received N6.420 billion and the Local Government Councils received N4.494 billion.

“From the N283.904 billion Exchange Difference revenue, the Federal Government received N141.278 billion, the State governments received N71.658 billion, the LGCs received N55.245 billion.

“The sum of N15.723 billion was shared to the relevant states as 13 per cent mineral revenue,” the communique said.

According to the communiqué, import and Excise Duties and EMTL increased considerably in July, while VAT increased marginally.

“Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas royalties recorded significant decreases,” it said. (NAN)

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