Abuja: Segun AJAYI
Published, Wednesday August 23, 2023
*The Federation Account Allocation Committee*
(FAAC) distributed a total of N966.110 billion as July Federation Account Revenue allocation among the Federal Government, States, and Local Councils.
This distribution was outlined in a communiqué released at the conclusion of the FAAC meeting held in Abuja on Tuesday. The meeting, presided over by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, addressed various financial matters.
The N966.110 billion distributable revenue included N397.419 billion in statutory revenue, N271.947 billion in Value Added Tax (VAT) revenue, N12.840 billion from Electronic Money Transfer Levy (EMTL), dN283.904 billion from Exchange Difference revenue.
The cost of collection was allotted N62.419 billion, while deductions for savings, transfers, refunds, and tax credit cancellation amounted to N717.962 billion.
The Excess Crude Account (ECA) balance stands at $473,754.57.
As outlined in the communiqué, the distribution of the total revenue is as follows: the Federal Government received N374.485 billion, State Governments received N310.670 billion, and Local Government Councils received N229.409 billion.
Furthermore, N51.545 billion was allocated to the oil-producing states as 13% derivation revenue.
Gross statutory revenue for July amounted to N1.150 trillion, which was slightly lower than the N1.152 trillion received in June by N2.497 billion.
The breakdown of distributable statutory revenue includes N190.489 billion for the Federal Government, N96.619 billion for State Governments, and N74.489 billion for Local Government Councils.
The distributable Value Added Tax (VAT) revenue for the month was N271.947 billion, with the Federal Government receiving N40.792 billion, State Governments receiving N135.974 billion, and Local Government Councils receiving N95.181 billion.
The Electronic Money Transfer Levy (EMTL) of N12.840 billion was divided as follows: N1.926 billion for the Federal Government, N6.420 billion for State Governments, and N4.494 billion for Local Government Councils.
Exchange Difference revenue amounted to N283.904 billion, with the Federal Government receiving N141.278 billion, State Governments receiving N71.658 billion, and Local Government Councils receiving N55.245 billion. Additionally, N15.723 billion was shared among relevant states as 13% mineral revenue.
The communiqué highlighted significant increases in Import and Excise Duties and Electronic Money Transfer Levy (EMTL) for July, while Value Added Tax (VAT) showed a marginal increase. Conversely, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas Royalties experienced notable decreases
No comments:
Post a Comment