The Federation Accounts Allocation Committee (FAAC) has shared N1.358 trillion between the federal government, states and local government councils (LGCs) for July.
This was stated in a statement issued after the August meeting held on Friday in Abuja.
According to the statement, the total distributable fund of N1.358 trillion comprised statutory revenue of N161.593 billion.
It also included Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Tax (EMTL) revenue of N18.818 billion.
Also included in total distributable income are foreign exchange earnings of N581.710 billion and solid mineral earnings of N13.647 billion.
The statement indicated that a total income of N2.613 trillion was available in the month of July.
“The total deduction for collection cost was N99.756 trillion, while total transfers, interventions and refunds were N1.155 trillion,” he said.
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According to the statement, gross statutory revenues of N1.387 trillion were received during the month of July.
“This amount was lower than the sum of N1.432 trillion received in the month of June by N45.517 billion,” he said.
He said gross revenue of N625.329 billion was earned in VAT in July, adding that it was N62.644 billion higher than the N562.685 billion available in the month of June.
“Of the total distributable revenue of N1.358 trillion, the Federal Government received the total sum of N431.079 billion and the State Government received N473.477 billion.
“The LGCs received N343.703 billion, and a total sum of N109.816 billion (13 percent of mineral revenue) was shared with beneficiary states as derivation revenue,” he said.
He noted that out of the N161.593 billion statutory revenue, the federal government received N58.545 billion and state governments received N29.695 billion.
He added that LGCs received N22.894 billion while N50.459 billion (13 per cent of mineral revenue) was shared with beneficiary states as derivation revenue.
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He further said that in July, oil and gas royalties, petroleum profits tax (PPT), VAT, import duty, EMTL and CET levies increased significantly.
“In addition, the Corporate Income Tax (CIT) registered a decrease while Special Taxes increased only marginally.
“The balance in the Excess Crude Oil Account is $473,754.”
(YAYA)