The Federation Account Allocation Committee (FAAC) has disbursed the sum of N954.085 billion from the Federation Account to the three tiers of government in July 2022.
This was disclosed in a statement signed by Mr Phil Abiamuwe-Mowete, the Director (Information/Press) on Wednesday in Abuja, according to the News Agency of Nigeria.
The statement also revealed that Nigeria’s Excess Crude Account (ECA) as at August 24 stands at 470,599.54 million dollars.
The Federal Government received N406.610 billion, the states received N281.342 billion, the Local Government Councils got N210.617 billion, inclusive of Gross Statutory Revenue and Value Added Tax (VAT).
Oil-producing states received N55.515 billion as derivation (13% of Mineral Revenue).
Gross Revenue available from the VAT for July was N177.167 billion which was a decrease distributed in the preceding month.
The distribution is as follows: Federal Government received N26.575 billion, the States received N88.584 billion, Local Government Councils got N62.008 billion.
Accordingly, the Gross Statutory Revenue of N776.918 billion distributed was higher than the sum received in the previous month.
From which the Federal Government was allocated the sum of N380.035 billion, States got N192.759 billion, LGCs got N148.609 billion, and Oil Derivation (13% Mineral Revenue) got N55.515 billion.
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.
Total revenue distributable for the month of July was drawn from Statutory Revenue of N776.918 billion, with VAT at N177.167 billion bringing the total distributable amount for the month to N954.085 billion.
The balance in the Excess Crude Account (ECA), as at Aug. 24 stands at 470,599.54 million dollars.
What you should know
Nairametrics reported last month that the FG responded to reports that the Excess Crude Account has dropped from $35.7 million to $376,655, stating that hat the $35million disbursement from the Excess Crude Account (ECA) in June 2022, was an advance payment for the purchase of brand new Offshore Patrol Vessels (OPVs) for the Nigerian Navy.
The ECA is a savings account retained by the Federal Government and is funded by the difference between the market price of crude oil and the budgeted price of crude oil as contained in the appropriation bill, however, despite higher oil revenues, Nigeria has not added to the ECA this year.