FG, States, LGCs share N954.085bn for July

The Federation Account Allocation Committee (FAAC), has shared N954.085 billion to the three tiers of government, as federation allocation for July.

This is according to a statement signed by Mr Phil Abiamuwe-Mowete, the Director (Information/Press) on Wednesday in Abuja.

From the amount, the Federal Government received N406.610 billion, the states received N281.342 billion, the Local Government Councils got N210.617 billion.

This was inclusive of Gross Statutory Revenue and Value Added Tax (VAT),

It said that the oil producing states received N55.515 billion as derivation (13 per cent of Mineral Revenue).

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

“The distribution is as follows; Federal Government got N26.575 billion, the States received N88.584 billion, Local Government Councils got N62.008 billion.

“Accordingly, the Gross Statutory Revenue of N776.918 billion distributed was higher than the sum received in the previous month.

“From which the Federal Government was allocated the sum of N380.035 billion, States got N192.759 billion, LGCs got N148.609 billion, and Oil Derivation (13 per cent Mineral Revenue) got N55.515 billion.”

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 N776.918 billion.

The VAT was also N177.167 billion bringing the total distributable amount for the month to N954.085 billion.

However, the balance in the Excess Crude Account (ECA), as at Aug. 24 stands at 470,599.54 million dollars.