Fed Govt, states, councils share N769.523b

The Federation Accounts Allocation Committee (FAAC) on Thursday shared N769.523 billion to the three tiers of government as July allocation.

The N769.523 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory revenue.  The committee announced that as at August 22, the balance in the Excess Crude Account was $274.407 million.

The gross statutory revenue for last month was N674.365 billion. It was N21.416 billion higher than the N652.949 billion received in the previous month.

For the month under review, revenue from VAT was lower than what it was in the preceding month.

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A gross revenue of N94.159 billion was available from the VAT as against N108.631 billion distributed in the preceding month, resulting in a decrease of N14.472 billion.

The Exchange Gain yielded N0.999 billion.

A communique by the FAAC confirmed that from N769.523 billion, the Federal Government got N299.799 billion, the states (N190.381 billion) and the 774 local government areas received N143.569 billion.

The oil-producing states received N42.917 billion as 13 per cent derivation revenue and the Revenue Generating Agencies received N92.857 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of N674.365 billion, the Federal Government received N285.767 billion, the states got N144.945 billion, the local government areas received N111.746 billion, the oil producing states received N42.816 billion as 13 per cent derivation revenue and the revenue collecting agencies received N89.091 billion as cost of collection.

From the N94.159 billion VAT, the Federal Government received N13. 559 billion, the states received N45.197 billion, the local government areas received N31.638 billion and the revenue generating agencies got N3.766 billion.