JULY: FG, States, LGs Share N760.717bn Revenue

The Federation Accounts Allocation Committee (FAAC) has shared a total sum  of N760.717 billion Federation Account Revenue to the federal, states, and local governments in July.  

This was revealed in a statement on Friday at the end of the virtual meeting of the FAAC for August.

The revenue, according to the statement comprised distributable statutory revenue of N617.705 billion, distributable Value Added Tax (VAT) revenue of N140.555 billion, and exchange gain of N2.457 billion.

“In July 2021, the sum of N63.501billion was the total deductions for the cost of collection, statutory transfers, and refunds,” said Henshaw Ogubike who is the spokesperson for the Office of the Accountant General of the Federation (OAGF).

“The balance in the Excess Crude Account (ECA) was $60.855 million”, the statement said.

It added that from the total revenue, the Federal Government received N321.226 billion, while state governments got N222.514 billion, and the sum of N166.562 billion was distributed to the local governments.

Also, the sum of N50.415 billion was shared to the relevant states as 13 per cent derivation revenue while the distributable statutory revenue of N617.705 billion was available for the month.

From the distributable statutory revenue, the Federal Government received N299.004 billion, state governments received N151.659 billion, and local governments got N116.922 billion.

The sum of N50.120 billion was given to the relevant States as 13 per cent derivation revenue.

The statement continued, “In the month of July 2021, the gross revenue available from the Value Added Tax (VAT) was N151.134 billion,” Ogubike revealed. “This was lower than the N154.465 billion available in the month of June by N3.331billion.

“The sum of N4.534 billion allocation to NEDC and N6.045 billion cost of revenue collection were deducted from the N151.134 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N140.555billion.”

From the N140.555 billion distributable VAT revenue, the Federal Government received N21.083 billion, state governments received N70.278 billion, and local governments got N49.194 billion.