FG, states, LGAs share N1.35tr as revenue allocation for July

The three tiers of government on Friday shared the sum of N1.35 trillion as revenue allocation for July.

A communiqué issued at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja revealed the N1.35 trillion total distributable fund comprised statutory revenue of N161.593 billion, Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.

Also included in the total distributable revenue was Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.

It added that a total sum of N2.613 trillion was available in July.

The communiqué read: “Total deduction for the cost of collection was N99.756 billion, while total transfers, interventions, and refunds were N1.155 trillion. A gross statutory revenue of N1.387 trillion was received for July.

“This was lower than the sum of N1.432 trillion received in June by N45.517 billion.

It said gross revenue of N625.329 billion was available from VAT in July, adding that it was higher than the N562.685 billion available in June by N62.644 billion.

“From the N1.358 trillion total distributable revenue, the Federal Government received N431.079 billion and the state governments received N473.477 billion.

“The LGCs received N343.703 billion, and a total sum of N109.816 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

“For the N161.593 billion statutory revenue, the Federal Government received N58.545 billion and the state government received N29.695 billion.

“The LGCs received N22.894 billion, while the sum of N50.459 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

“In July, Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL) and CET Levies increased significantly.

“Furthermore, Companies Income Tax (CIT) recorded a decrease while Excise Duties increased only marginally.

“The balance in the Excess Crude Account is $473, 754.”

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