FG, states, LGAs share N966.bn as revenue allocation for July

The three tiers of government on Tuesday shared the sum of N966.110 billion as revenue allocation for July.

The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of its meeting for August and chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

According to the communiqué, the N966.110 billion total distributable revenue comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, and Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion.

It also included the Exchange Difference revenue of N283.904 billion.

The communiqué read: “In July, the total deductions for the cost of collection were N62.419 billion, and total deductions for savings, transfers, refunds, and tax credit cancellation was N717.962 billion.

“The balance in the Excess Crude Account (ECA) was $473,754.57.

“From the total distributable revenue of N966.110 billion; the Federal Government received N374.485 billion, state governments got N310.670 billion and the Local Government Areas collected N229.409 billion.

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“The sum N51.545 billion was shared as 13 percent derivation revenue to oil derivation states.

“Gross statutory revenue of N1150.424 billion was received for the month of July.

“This was lower than the sum of N1152.921 billion received in the month of June by N2.497 billion.

“From the N397.419 billion distributable statutory revenue, the Federal Government received N190.489 billion, the State governments received N96.619 billion and the LGCs received N74.489 billion.

“The sum of N35.822 billion was shared to the relevant States as 13 percent derivation revenue.

“The gross revenue available from VAT was N298.789 billion.

“This was higher than the N293.411 billion available in the month of June 2023 by N5.378 billion.

“The Federal Government received N40.792 billion, the State Governments N135.974 billion and the LGCs received N95.181 billion from the N271.947 billion distributable VAT revenue.”

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