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The communique that a total revenue of ₦2.613 trillion was available in the month of July.

FG, states, LGs share ₦1.358trn FAAC revenue in July | Pulse Nigeria

News Agency Of Nigeria

<h2>The Federation Accounts Allocation Committee (FAAC), has shared the sum of ₦1.358 trillion among the Federal Government, States and Local Government Councils (LGCs) for the month of July.</h2>

This is contained in a communique issued after FAAC meeting for August on Friday in Abuja.

According to the communique, the ₦1.358 trillion total distributable fund comprised statutory revenue of ₦161.593 billion.

It also comprised Value Added Tax (VAT) revenue of ₦582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of ₦18.818 billion.

Also included in the total distributable revenue was Exchange Difference revenue of ₦581.710 billion and Solid Mineral revenue of ₦13.647 billion.

The communique that a total revenue of ₦2.613 trillion was available in the month of July.

“Total deduction for cost of collection was ₦99.756 billion, while total transfers, interventions and refunds was ₦1.155 trillion,” it said.

According to the communique, gross statutory revenue of ₦1.387 trillion was received for the month of July.

“This was lower than the sum of ₦1.432 trillion received in the month of June by ₦45.517 billion,” it said.

It said that gross revenue of ₦625.329 billion was available from VAT in July, adding that it was higher than the ₦562.685 billion available in the month of June by ₦62.644 billion.

“From the ₦1.358 trillion total distributable revenue, the Federal Government received the total sum of ₦431.079 billion and the state government received ₦473.477 billion.

“The LGCs received ₦343.703 billion, and a total sum of ₦109.816 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

It said that on the ₦161.593 billion statutory revenue, the Federal Government received ₦58.545 billion and the state government received ₦29.695 billion.

It added that the LGCs received ₦22.894 billion, while the sum of ₦50.459 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

It further said that in July, Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL)and CET Levies increased significantly.

“Furthermore, Companies Income Tax (CIT) recorded a decrease while Excise Duties increased only marginally.

“The balance in the Excess Crude Account is 473, 754 dollars.”

FG, states, LGs share ₦1.358trn FAAC revenue in July

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