The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.358 trillion to the Federal Government, State Governments, and Local Government Councils (LGCs) for the month of July.
This information was disclosed in a communiqué released after the FAAC meeting held in Abuja on Friday.
According to the communiqué, the distributed funds included N161.593 billion from statutory revenue, N582.307 billion from Value Added Tax (VAT), and N18.818 billion from the Electronic Money Transfer Levy (EMTL).
Additionally, the revenue shared also comprised N581.710 billion from Exchange Difference and N13.647 billion from Solid Minerals.
The document also highlighted that the total revenue available for distribution in July amounted to N2.613 trillion.
“Total deductions for the cost of collection stood at N99.756 billion, while transfers, interventions, and refunds totaled N1.155 trillion,” the communiqué stated.
The gross statutory revenue received for July was N1.387 trillion, reflecting a decrease of N45.517 billion compared to the N1.432 trillion received in June.
VAT revenue for July was N625.329 billion, an increase of N62.644 billion from the N562.685 billion recorded in June.
Out of the N1.358 trillion distributed, the Federal Government received N431.079 billion, State Governments received N473.477 billion, and LGCs received N343.703 billion. Additionally, N109.816 billion, representing 13% of mineral revenue, was allocated to the states as derivation revenue.
From the statutory revenue of N161.593 billion, the Federal Government received N58.545 billion, State Governments got N29.695 billion, and LGCs were allocated N22.894 billion. Furthermore, N50.459 billion, representing 13% of mineral revenue, was distributed to the states as derivation revenue.
In July, significant increases were recorded in Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL, and CET Levies, while Companies Income Tax (CIT) saw a decline. Excise Duties showed only a marginal increase.
The balance in the Excess Crude Account was reported to be $473,754.
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