The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.358 trillion among the Federal Government, States, and Local Government Councils (LGCs) for the month of July.
This announcement was made in a communiqué following the FAAC meeting held in August in Abuja.
The total distributable funds of N1.358 trillion include statutory revenue amounting to N161.593 billion.
Additionally, it encompasses Value Added Tax (VAT) revenue of N582.307 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion, Exchange Difference revenue of N581.710 billion, and Solid Mineral revenue of N13.647 billion.
The communiqué stated that a total revenue of N2.613 trillion was available for distribution in the month of July.
“Total deduction for cost of collection was N99.756 billion, while total transfers, interventions and refunds was N1.155 trillion,” it said.
Further Breakdown of the Revenue Shared
According to the communiqué, the gross statutory revenue collected for July amounted to N1.387 trillion, which was N45.517 billion less than the N1.432 trillion received in June.
The communiqué also highlighted that gross VAT revenue for July was N625.329 billion, reflecting an increase of N62.644 billion compared to the N562.685 billion collected in June.
Out of the N1.358 trillion total distributable revenue, the Federal Government received N431.079 billion, while the state governments were allocated N473.477 billion.
Local Government Councils (LGCs) received N343.703 billion, and N109.816 billion, representing 13 percent of mineral revenue, was distributed as derivation revenue to the eligible states.
For the N161.593 billion in statutory revenue, the Federal Government received N58.545 billion, while the state governments were allocated N29.695 billion.
Other Sources of Revenue
The report disclosed that Local Government Councils (LGCs) were allocated a total of N22.894 billion, while N50.459 billion, representing 13% of mineral revenue, was distributed as derivation revenue to the eligible states.
This allocation is part of the federal revenue-sharing framework aimed at ensuring equitable resource distribution among the various levels of government.
Additionally, the report highlighted that in July, there was a significant increase in various revenue streams, including Oil and Gas Royalty and Petroleum Profit Tax (PPT).
Furthermore, the report noted substantial growth in other revenue sources such as Value Added Tax (VAT), Import Duty, and the Ecological and Mining Tax Levies (EMTL), along with the Common External Tariff (CET) Levies.
The uptick in these revenues reflects the broader economic activities within the country, signaling a robust financial outlook for the period.
