In the latest revelation, the Federation Account Allocation Committee (FAAC) has divulged the distribution of N966.110 billion in revenue among the Federal Government, States, and Local Government Councils (LGCs) for the month of July. This crucial information was detailed in an official communiqué following the August FAAC meeting, which was led by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
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The comprehensive breakdown in the communiqué specifies that the total distributable revenue of N966.110 billion was constituted by N397.419 billion in distributable statutory revenue, N271.947 billion in distributable Value Added Tax (VAT) revenue, N12.840 billion from the Electronic Money Transfer Levy (EMTL), and N283.904 billion from Exchange Difference revenue.
Within this framework, the allocations and deductions aligned as follows: N62.419 billion was deducted for cost of collection, while N717.962 billion was accounted for in deductions encompassing savings, transfers, refunds, and tax credit cancellation. The Excess Crude Account (ECA) held a remaining balance of $473,754.57.
The distribution of the N966.110 billion revenue unfurled as follows: The Federal Government received N374.485 billion, State governments were allocated N310.670 billion, and the Local Government Councils received N229.409 billion. Additionally, N51.545 billion was allotted as the 13 percent derivation revenue to oil derivation states.
Delving deeper into the details, the gross statutory revenue for July amounted to N1,150.424 billion, marking a slight decrease of N2.497 billion from June’s figure of N1,152.921 billion. From the distributable statutory revenue, the Federal Government garnered N190.489 billion, State governments secured N96.619 billion, and the Local Government Councils gained N74.489 billion. Furthermore, N35.822 billion was dispersed among relevant states as 13 percent derivation revenue.
Turning to VAT revenue, the gross revenue for July reached N298.789 billion, reflecting a slight increase of N5.378 billion from the N293.411 billion recorded in June 2023. Of the N271.947 billion distributable VAT revenue, the Federal Government’s share amounted to N40.792 billion, State Governments acquired N135.974 billion, and the Local Government Councils received N95.181 billion.
The distribution of the N12.840 billion EMTL revenue was allocated as follows: The Federal Government received N1.926 billion, State Governments were assigned N6.420 billion, and the Local Government Councils obtained N4.494 billion.
As for the Exchange Difference revenue of N283.904 billion, the Federal Government’s portion was N141.278 billion, State governments secured N71.658 billion, and the Local Government Councils were allocated N55.245 billion. Furthermore, N15.723 billion was divided among relevant states as 13 percent mineral revenue.
The communiqué additionally highlighted the significant increases in Import and Excise Duties and EMTL revenue for July, while VAT registered a minor uptick. In contrast, Petroleum Profit Tax (PPT), company Income Tax (CIT), and Oil and Gas royalties experienced noticeable decreases during the same period.
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