FAAC Shares N954.085bn To FG, States, LGAs For July

The Federation Account Allocation Committee (FAAC) has shared N954.085billion to the three tiers of government, as federation allocation for July.
This is according to a statement signed by the Director (Information), Mr Phil Abiamuwe-Mowete, last Wednesday in Abuja.
From the amount, the Federal Government received N406.610billion; the states received N281.342billion; while the Local Government Councils got N210.617billion.
This was inclusive of Gross Statutory Revenue and Value Added Tax (VAT),
It said that the oil producing states received N55.515billion as derivation (13per cent of Mineral Revenue).
The statement indicated that the Gross Revenue available from the VAT for July was N177.167billion which was a decrease distributed in the preceding month.
“The distribution is as follows; Federal Government got N26.575billion, the States received N88.584billion, Local Government Councils got N62.008billion.
”Accordingly, the Gross Statutory Revenue of N776.918billion distributed was higher than the sum received in the previous month.
“From which the Federal Government was allocated the sum of N380.035billion, States got N192.759billion, LGCs got N148.609billion, and Oil Derivation (13per cent Mineral Revenue) got N55.515billion.”
The statement also said that Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases.
According to the statement, Import Duty and VAT, however, decreased considerably.
It said that total revenue distributable for the current month of July was drawn from Statutory Revenue of N776.918billion.
The VAT was also N177.167billion bringing the total distributable amount for the month to N954.085billion.
However, the balance in the Excess Crude Account (ECA), as at August 24 stands at $470,599.54million.