The Federation Accounts Allocation Committee (FAAC) has distributed N760.717 billion to the three tiers of government as federation allocation for July.
This was revealed in a communiqué issued by Oshundun Olajide, deputy director of information at the Ministry of Finance, Budget, and National Planning, following a virtual meeting on Friday.
According to the communiqué, the Federal Government received N325.988 billion, the states received N224.929 billion, and the Local Government Councils received N168.424 billion.
Meanwhile, the oil-producing states received N41.376 billion as derivation (13 percent of Mineral Revenue).
The communiqué also disclosed that total revenue distributable for the current month inclusive of Gross Statutory Revenue of N617.705 billion, VAT of N140.555 billion, and Exchange Gain of N2.457 billion, bringing the total distributable revenue to N760.717 billion.
Breakdown of how VAT revenue was distributed is as follows; Federal Government got N21.083 billion, the States received N70.278 billion, Local Government Councils got N49.194 billion, allocation to NEDC received N4.534 billion and the cost of collection, transfers, refunds got N6.045 billion.
“The distributed Statutory Revenue of N601.095 billion received for the month was lower than the N812.409 billion received for the previous month by N211.314 billion, from which the Federal government received N303.765 billion, States got N154.074 billion, LGCs got N6118.785 billion, and Derivation (13 percent Mineral Revenue) got N41.081 billion,”
The communique also revealed that Companies Income Tax, Petroleum Profit Tax (PPT), and Oil and Gas Royalties recorded significant drop but the figure was not disclosed.
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