The Federation Account Allocation Committee (FAAC) has shared ₦966.110 billion revenue to the Federal Government, States and Local Government Councils (LGCs) for July.
This is contained in a communiqué issued at the end of FAAC meeting for August, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to the communique, the ₦966.110 billion total distributable revenue comprised distributable statutory revenue of ₦397.419 billion, distributable Value Added Tax (VAT) revenue of ₦271.947 billion, and Electronic Money Transfer Levy (EMTL) revenue of ₦12.840 billion.
It also comprised Exchange Difference revenue of ₦283.904 billion.
"In July, the total deductions for cost of collection was ₦62.419 billion, and total deductions for savings, transfers, refunds and tax credit cancellation was ₦717.962 billion.
"The balance in the Excess Crude Account (ECA) was $473,754.57."
According to the communiqué, from the total distributable revenue of ₦966.110 billion; the Federal Government received ₦374.485 billion, state governments received ₦310.670 billion and the LGCs received ₦229.409 billion.
It said that ₦51.545 billion was shared as 13% derivation revenue to oil derivation states.
"Gross statutory revenue of ₦1150.424 billion was received for the month of July.
"This was lower than the sum of ₦1152.921 billion received in the month of June by ₦2.497 billion.
"From the ₦397.419 billion distributable statutory revenue, the Federal Government received ₦190.489 billion, the state governments received ₦96.619 billion and the LGCs received ₦74.489 billion.
"The sum of ₦35.822 billion was shared to the relevant States as 13 per cent derivation revenue," it said.
It said that the gross revenue available from VAT was ₦298.789 billion.
"This was higher than the ₦293.411 billion available in the month of June 2023 by ₦5.378 billion.
"The Federal Government received ₦40.792 billion, the state governments ₦135.974 billion and the LGCs received ₦95.181 billion from the ₦271.947 billion distributable VAT revenue.
"The ₦12.840 billion EMTL was shared as follows:
"The Federal Government received ₦1.926 billion, the State Governments received ₦6.420 billion and the Local Government Councils received ₦4.494 billion.
"From the ₦283.904 billion Exchange Difference revenue, the Federal Government received ₦141.278 billion, the State governments received ₦71.658 billion, the LGCs received ₦55.245 billion.
"The sum of ₦15.723 billion was shared to the relevant states as 13% mineral revenue," the communique said.
According to the communiqué, import and Excise Duties and EMTL increased considerably in July, while VAT increased marginally.
"Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas royalties recorded significant decreases," it said.