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FG, states, LGAs share N954.085bn for July
The Federation Account Allocation Committee (FAAC) on Wednesday shared N954.085 billion to the three tiers of government as revenue allocation for July.
The Director of Information and Press in the Ministry of Finance, Budget, and National Planning, Phil Abiamuwe-Mowete, disclosed this in a statement on Wednesday in Abuja.
He said the Federal Government received N406.610 billion while the states and local government councils got N281.342 billion and N210.617 billion respectively.
These, according to him include, Gross Statutory Revenue and Value Added Tax (VAT),
Abiamuwe-Mowete revealed that the oil producing states received N55.515 billion as derivation (13 percent of Mineral Revenue).
He noted that the Gross Revenue available from the Value Added Tax (VAT) for July was N177.167 billion.
The director said: “The distribution is as follows: Federal Government got 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, LGAs got N148.609 billion, and Oil Derivation (13 percent Mineral Revenue) got N55.515 billion.
READ ALSO: FG, states, LGAs share N616.8bn in April
He said the Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases while the Import Duty and VAT decreased considerably.
Abiamuwe-Mowete added: “Total revenue distributable for the current month of July was drawn from Statutory Revenue of N776.918 billion.
The VAT was also N177.167 billion bringing the total distributable amount for the month to N954.085 billion.
“However, the balance in the Excess Crude Account (ECA) as at August 24 stands at $470.5 million.”
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