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 was disclosed in a communiqué issued after the FAAC meeting held in August in Abuja.
According to the communiqué, the total distributable fund of N1.358 trillion comprised several revenue streams, including 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. Additionally, the total distributable revenue included Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.
The communiqué further noted that the total revenue available for distribution in July was N2.613 trillion. From this, N99.756 billion was deducted for the cost of collection, while N1.155 trillion was allocated for transfers, interventions, and refunds.
ALSO READ FAAC: FG, states, LGCs share ₦1,354.371trn for June
The gross statutory revenue received for July was N1.387 trillion, which was N45.517 billion lower than the N1.432 trillion received in June. The VAT revenue for July was N625.329 billion, reflecting an increase of N62.644 billion compared to the N562.685 billion available in June.
From the N1.358 trillion total distributable revenue, the Federal Government received N431.079 billion, while the State Governments received N473.477 billion. The LGCs were allocated N343.703 billion, and N109.816 billion (representing 13 percent of mineral revenue) was distributed to the benefiting states as derivation revenue.
Regarding the N161.593 billion statutory revenue, the Federal Government received N58.545 billion, the State Governments received N29.695 billion, and the LGCs received N22.894 billion. An additional N50.459 billion (13 percent of mineral revenue) was allocated to the benefiting states as derivation revenue.
The communiqué also highlighted that in July, revenues from Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL, and CET Levies saw significant increases. However, Companies Income Tax (CIT) recorded a decrease, while Excise Duties experienced only a marginal increase.
As of the time of the report, the balance in the Excess Crude Account stood at $473,754.
