FAAC Awards N954.085 Billion To FG, States, Local Govts in July

By Tolulope Oke

The Federation Account Allocation Committee (FAAC) awarded the sum of N954.085 billion from the Federation Account to the three tiers of government in July 2022.

According to the News Agency of Nigeria, this information was revealed in a statement and signed by Mr. Phil Abiamuwe-Mowete, the Director (Information/Press).

The Federal Government received N406.610 billion, the states received N281.342 billion, the Local Government Councils got N210.617 billion, inclusive of Gross Statutory Revenue and Value Added Tax (VAT).

Oil-producing states received N55.515 billion as derivation (13% of Mineral Revenue).

Gross Revenue available from the VAT for July was N177.167 billion which was a decrease distributed in the preceding month.

Local Government Councils received N62.008 billion, the Federal Government N26.575 billion, and the States N88.584 billion.

As a result, the Gross Statutory Revenue distributed, which was N776.918 billion, was more than what was received the month prior.

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Oil Derivation (13% Mineral Revenue) received N55.515 billion, while States received N192.759 billion, LGCs received N148.609 billion, and the Federal Government received N380.035 billion.

Excise duties, oil and gas royalties, the petroleum profit tax (PPT), companies income tax (CIT), and all other taxes saw considerable increases while import duty and VAT saw significant decreases.

The entire revenue distributable for the month of July was derived from the statutory revenue of N776.918 billion; when combined with the VAT of N177.167 billion, the total revenue distributable for the month was N954.085 billion.  As of August 24, the Excess Crude Account (ECA) has a balance of $475,599.54 million.