The Federation Account Allocation Committee (FAAC) says it has shared a total sum of N966.110 billion July 2023 Federation Account Revenue to the Federal Government, States, and Local Government Councils respectively.
Contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for August 2023, a statement by the Director of Press and Public Relations under the Office of the Accountant General of the Federation, Bawa Mokwa, said Tuesday.
The meeting, reportedly chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, explained that the N966.110 billion total distributable revenues comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion and Exchange Difference revenue of N283.904 billion
In July 2023, the total deductions for the cost of collection were N62.419 billion and the total deductions for savings, transfers, refunds, and tax credit cancellation were N717.962 billion.
Also, the balance in the Excess Crude Account (ECA) for last month was put at $473,754.57.
