Federal Government, States, Others Share N676.4 Billion in the Month of July

The Federation Accounts Allocation Committee (FAAC) disbursed a total sum of N676.41 billion from Federation Account in July to the Federal, States and Local Governments and other agencies across the nation.

This was disclosed after the monthly FAAC meeting held via virtual conferencing chaired by Mahmud Isa-Dutse, the Permanent Secretary, Federal Ministry of Finance.

A break down of revenue generated for the month revealed that N543.79 billion was realised for the month of July 2020. An increase of N19.26 billion from N524.53 billion generated for the month of June.

A total of N132.62 billion was realised from Value Added Tax (VAT), a N3.79 billion increase when compared with N128.83 billion collected in June.

The communiqué issued by FAAC revealed that from the available distributable revenue of N676.41 billion generated in the month of July, the Federal Government received N273.19 billion while the state and local governments collected N190.85 billion and N142.76 billion, respectively.

Accordingly, oil producing states received a combined N42.85 billion as 13 percent derivation revenue. However, FAAC allocated N26.76 billion of the total amount to the cost of collection and transfers to relevant agencies.

The communiqué also noted that in July, oil and gas royalty, Petroleum Profit Tax and Value Added Tax increased considerably, while Companies Income Tax, Import and Excise Duty posted decreases.

The total amount in Nigeria’s Excess Crude Account as of August 19 was $72.41 million.