The Federation Account Allocation Committee (FAAC) has disbursed N966.110 billion in revenue among the Federal Government, States, and Local Government Councils (LGCs) for July.
The information was revealed in a communiqué following the August FAAC meeting, presided over by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Here’s a breakdown of the allocation
Total Distributable Revenue N966.110 billion
- Distributable Statutory Revenue: N397.419 billion
- Distributable Value Added Tax (VAT): N271.947 billion
- Electronic Money Transfer Levy (EMTL): N12.840 billion
- Exchange Difference Revenue: N283.904 billion
Key Points
- Deductions for the cost of collection in July amounted to N62.419 billion.
- The Excess Crude Account (ECA) had a balance of $473,754.57.
- Gross statutory revenue for July was N1,150.424 billion, a decrease of N2.497 billion from June’s N1,152.921 billion.
Distribution
- Federal Government: N374.485 billion
- State Governments: N310.670 billion
- LGCs: N229.409 billion
- Oil Derivation States (13% derivation revenue): N51.545 billion
Further Distributions
From the Statutory Revenue of N397.419 billion:
- Federal Government: N190.489 billion
- State Governments: N96.619 billion
- LGCs: N74.489 billion
- 13% Derivation Revenue to relevant States: N35.822 billion
From the VAT of N271.947 billion:
- Federal Government: N40.792 billion
- State Governments: N135.974 billion
- LGCs: N95.181 billion
EMTL Revenue of N12.840 billion was split among:
- Federal Government: N1.926 billion
- State Governments: N6.420 billion
- LGCs: N4.494 billion
From the Exchange Difference Revenue of N283.904 billion:
- Federal Government: N141.278 billion
- State Governments: N71.658 billion
- LGCs: N55.245 billion
- 13% Mineral Revenue to relevant States: N15.723 billion
Revenue Trends
The communiqué highlighted a substantial rise in Import and Excise Duties and EMTL in July, a slight increase in VAT, and noticeable declines in Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas royalties.
Another bumper to the states.. After meeting operational expenses, states should assist genuine SMEs to stay afloat, generate employment and generate forex. These monthly revenues are homoguous.