Home Economy FG, states, LGs share N760.7bn

FG, states, LGs share N760.7bn

by Business News Report

The Federation Accounts Allocation Committee (FAAC) has shared N760.717 billion as federation allocation for the month of July. This is contained in a statement by Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning. The statement noted that the meeting was held virtually. He said that out of the N760.717 billion shared, the Federal Government received N325.988 billion, the states received N224.929 billion while the Local Government Councils got N168.424 billion. “The total amount shared was inclusive of Value Added Tax (VAT) and Exchange Gain.

Meanwhile, the oil producing states received N41.376 billion as derivation (13 per cent of Mineral Revenue). The communique issued by the committee indicated that the Gross Revenue available from the VAT for July was N151.134 billion as against N154.465 billion distributed in June. This resulted in a decrease of N3.331 billion. “The distribution 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 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 billon, States got N154.074 billion, LGCs got N6118.785 billion, and Derivation (13 per cent Mineral Revenue) got N41.081 billion.”

The communique also revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties recorded significant decreases, while Import and Excise Duty, VAT decreased marginally. It, however, 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. 

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