The Federation Account Allocation Committee (FAAC) shared the sum of N954.085 billion to the three tiers of government from the Federation Account in July 2022.
This shows an increase of N151.678 billion against the N802.407 billion shared in the month of June.
This was disclosed in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting held in Abuja on Wednesday.
The N954.085 billion was made up of statutory revenue of N776.918 billion and Value Added Tax (VAT) revenue of N177.167 billion.
In July 2022, the total deductions for cost of collection was N47.254 billion and total deductions for transfers, savings and refunds was N255.762 billion.
The communique also revealed that the balance in the Excess Crude Account (ECA) was $470,599.54. The ECA had dropped from $35.37 million in May to $376,655 in June.
Breakdown of the N954.085 billion distribution:
Federal Government: N406.610 billion (N380.035 billion, from statutory revenue and N26.575 billion, from VAT)
State Governments: N281.342 billion (N192.759 billion from statutory revenue and N88.584 billion from VAT)
Local Government Councils: N210.617 billion (N148.609 billion from statutory revenue. and N62.008 billion. from VAT).
Oil producing states: N55.515 billion, as 13% derivative revenue
The gross revenue available from VAT was N190.256 billion, lower than the N208.148 billion available in the month of June 2022 by N17.892 billion.
In July 2022, increases were recorded in Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases, while Import Duty and Value Added Tax (VAT) decreased considerably, according to the communique.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
