Home Economy FG, States, LG gets N966.1bn from FAAC allocation in July

FG, States, LG gets N966.1bn from FAAC allocation in July

by Business News Report

The Federation Account Allocation Committee (FAAC) has shared a total sum of N966.110 billion in the month of July 2023 as Federation Account Revenue to the Federal Government, States and Local. This fact is contained in a communiqué issued at the end of the FAAC meeting for the month of August. The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. According to the communique the N966.110 billion total distributable revenue comprised statutory revenue of N397.419 billion, Value Added Tax revenue of N271.947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion and Exchange Difference revenue of N283.904 billion.

In the July 2023 allocation, the total deductions for cost of collection was N62.419 million while total deductions for savings, transfers, refunds and tax credit cancellation was put at N717.962 billion. The communique put the balance in the Excess Crude Account (ECA) at $473,754.57. From the total revenue of N966.11 billion, the Federal Government received N374.485 billion, the State Governments received N310.670 billion and the Local Government Councils received N229.409 billion. A total sum of N51.545 billion was shared to the relevant States as 13 per cent derivation revenue. 

Gross statutory revenue of N1.15 trillion was received for the month of July 2023. This was lower than the sum of N1.152 trillion received in the month of June 2023 by N2.497 billion. According to the communiqué, in the month of July 2023, Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably while Value Added Tax (VAT) increased marginally. Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas Royalties recorded significant decreases.

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