Nigeria’s three tiers of government and relevant government agencies shared about N676.407 billion as Federation Accounts Allocation Committee’s (FAAC) disbursement for July accordding disclosures at a virtual FAAC meeting for August held on Wednesday and chaired by Dr Mahmud Isa-Dutse, the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning.
According to the FAAC report, gross statutory revenue of N543.788 billion was received for July 2020, which is higher than the N524.526 billion received in the previous month by N19.262 billion.
The gross revenue available from the Value Added Tax (VAT) was N132.619 billion as against N128.826 billion available in the preceding month, resulting in an increase of N3.793 billion.
More so, from the total distributable revenue of N676.407 billion; the Federal Government received N273.189 billion, the State Governments received N190.849 billion and the Local Government Councils received N142.761 billion.
The Oil Producing States received N42.851 billion as 13 per cent derivation revenue, while cost of collection and transfers to relevant agencies collectively had allocation of N26.757 billion.
The Federal Government received N254.688 billion from the gross statutory revenue of N543.788 billion; the State Governments received N129.181 billion and the Local Government Councils received N99.593 billion. N42.851 billion was given to the relevant States as 13 per cent derivation revenue and N17.474 billion was the collective total for cost of revenue collection by revenue agencies.
The Federal Government received N18.500 billion from the Value Added Tax (VAT) revenue of N132.619 billion. The State Governments received N61.668 billion, the Local Government Councils received N43.168 billion, while cost of revenue collection and transfers collectively had a revenue allocation of N9.283 billion.
The report further stated that in July 2020, oil and gas royalty, Petroleum Profit Tax (PPT) and Value Added Tax (VAT) increased considerably while Companies Income Tax (CIT), Import and Excise Duty recorded a decline.
The report also revealed that the balance in the Excess Crude Account (ECA) as at August 19 was $72.408 million.
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