Site icon Nairametrics

FG, states, local governments share N76.7 billion for July from FAAC

FAAC, IGR, Fiscal federalism in Nigeria, NEC Inauguration, Bailout Fund: FG begins deduction of N614 billion from states’ allocation in 2 weeks , Ekiti, Enugu, Bayelsa, 12 others attract no investment in 1H , States’ debt stock, Fiscal federalism

The Federation Accounts Allocation Committee (FAAC) has shared the sum of N760.717 billion as revenue for the month of July to the Federal, State, and Local Governments.

This figure represents an N27.622 billion increase when compared to the N733.095 billion that was distributed as available revenue for the month of June 2021.

This disclosure is contained in a statement signed by the Deputy Director, Information, Federal Ministry of Finance, Budget and National Planning, Mr. Oshundun Olajide, on Friday, August 20, 2021, after the FAAC meeting which was held virtually, according to NAN.

Olajide in the statement said that out of the N760.717 billion distributable revenues that were shared, the Federal Government received N325.988 billion, the states received N224.929 billion while the Local Government Councils got N168.424 billion.

He noted that the total amount shared was inclusive of Value Added Tax (VAT) and Exchange Gain.

News continues after this ad

News continues after this ad

Meanwhile, the oil-producing states received N41.376 billion in July as 13% derivation revenue as against the N51.470 billion that was shared in June 2021 as the 13% derivation revenue, representing an N10.094 billion drop.

The communique issued by the committee indicated that the Gross Revenue available from the VAT for July was N151.134 billion as against N154.465 billion distributed in June, representing an N3.331 billion drop.

The statement also said, “The distribution is as follows; Federal Government got N21.083 billion, the States received N70.278 billion, Local Government Councils got N49.194 billion, Allocation To NEDC received N4.534 billion and Cost of collection/transfers/ refunds got N6.045 billion.

“The distributed Statutory Revenue of N601.095 billion received for the month was lower than the N812.409 billion received for the previous month by N211.314 billion, from which the Federal government received N303.765 billion, States got N154.074 billion, LGCs got N6118.785 billion, and Derivation (13% Mineral Revenue) got N41.081 billion.” 

The communique also revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties recorded significant decreases, while Import and Excise Duty, VAT decreased marginally.

It, however, disclosed that total revenue distributable for the current month includes Gross Statutory Revenue of N617.705 billion, VAT of N140.555 billion, and Exchange Gain of N2.457 billion, bringing the total distributable revenue to N760.717 billion.

What you should know

Exit mobile version