• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy Budget

FAAC disburses N954.085 billion to FG, States, and Local Govts in July 2022

William Ukpe by William Ukpe
August 25, 2022
in Budget, Business News, Politics
FG tasks state governments to embrace AfCFTA's economic opportunities
Share on FacebookShare on TwitterShare on Linkedin

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.

RelatedStories

President Bola Tinubu, CNG

FG considering excise duties on telecoms, lottery, gambling

May 9, 2024
What Nigeria’s next President needs to do – Kingsley Moghalu

Why the Excess Crude Account failed – Kingsley Moghalu

January 11, 2023

Breakdown 

  • 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.

Follow us for Breaking News and Market Intelligence.
Tags: Excess Crude Account (ECA)Excise DutiesOil and Gas RevenuePetroleum Profit Tax (PPT)
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Related Posts

President Bola Tinubu, CNG
Economy

FG considering excise duties on telecoms, lottery, gambling

May 9, 2024
What Nigeria’s next President needs to do – Kingsley Moghalu
Economy

Why the Excess Crude Account failed – Kingsley Moghalu

January 11, 2023
Excess Crude Account: Bayelsa state receives N90 billion
Business News

Excess Crude Account: Bayelsa state receives N90 billion

December 22, 2022
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
Business News

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

August 21, 2021
FG approves N400 billion for Conditional Cash Transfer, Farmer Money, others
Business News

Excess Crude Account falls to $60.8 million – NEC

July 16, 2021
FG seeking approval from National Assembly for $1.2 billion agric loan, Capital market to get more tax incentives - FG , FEC reviews Ajaokuta-Kaduna-Kano gas project contract, approves $2.571 billion, FG to reduce N1.5 trillion from 2020 budget due to coronavirus, Proposed N12.43 trillion deficit for 2023 budget, disturbing- Senate
Commodities

Nigeria’s excess crude account falls to $72 million

July 10, 2020
Next Post
Patricia CEO, Hanu Fajiro, recounts business experience in Nigeria as the firm celebrates 5 years anniversary 

Patricia CEO, Fejiro Hanu Agbodje, recounts business experience in Nigeria as firm celebrates 5 years anniversary 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 
  • FIRS begins renegotiation of double taxation treaty with Netherlands amid tax reforms 
  • Analysts project fastest GDP growth since 2014, pinpoint stocks set to rally in H2 2025 

Follow us on social media:

Recent News

EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 

EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 

July 7, 2025
FIRS begins renegotiation of double taxation treaty with Netherlands amid tax reforms 

FIRS begins renegotiation of double taxation treaty with Netherlands amid tax reforms 

July 7, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics