21st August, 2021
By Temitope Ponle/Abuja
The Federation Accounts Allocation Committee (FAAC) has shared N760.717 billion for July, with statutory revenue shrinking by over N200billion.
Mr Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning said the committee met virtually.
The Federal Government received N325.988 billion, the states 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, Olajide said.
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.
“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.
” The Federal government received N303.765 billon, States got N154.074 billion, LGCs got N111.8785 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.
Total revenue distributable for the current month was N760.717 Billion, inclusive of Gross Statutory Revenue of N617.705 billion, VAT of N140.555 billion, and Exchange Gain of N2.457 billion.