FAAC: FG, States, LGs Share N676.41bn For July

The Federation Accounts Allocation Committee (FAAC) has disbursed a total sum of N676.41bn to the three tiers of government and relevant agencies for the month of July 2020.

This was made known after the FAAC virtual meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Mahmud Isa-Dutse.

The gross statutory revenue of N543.79bn was received for the month of July 2020.

This was higher than the N524.53bn received in the previous month by N19.26bn.

The gross revenue available from the Value Added Tax was N132.62bn as against N128.83bn available in the preceding month, resulting in an increase of N3.79bn.

FAAC Disburses N651.18bn To Three Tiers Of Govt As June Revenue

A communiqué issued by FAAC indicated that from the total distributable revenue of N676.41bn, the Federal Government received N273.19bn, state governments received N190.85bn and Local Government councils received N142.76bn.

The oil-producing states received N42.85bn as 13 percent derivation revenue, while two sub-heads namely, cost of collection and transfers to relevant agencies collectively had an allocation of N26.76bn.

The Federal Government received N254.69bn from the gross statutory revenue of N543.79bn, the states received N129.18bn and the Local Government Councils received N99.59bn.

A total of N42.85bn was given to the relevant states as 13 per cent derivation revenue and N17.47bn was the collective total for cost of revenue collection by revenue agencies.

The Federal Government received N18.5bn from VAT revenue of N132.62bn.

The state governments received N61.67bn, the Local Government Councils received N43.17bn, while cost of revenue collection and transfers collectively had a revenue allocation of N9.28bn.

The communiqué stated that in the month of July 2020, oil and gas royalty, Petroleum Profit Tax and Value Added Tax increased considerably, while Companies Income Tax, Import and Excise Duty recorded decreases.

The balance in the Excess Crude Account as of August 19 was $72.41m.

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