By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) has shared a total of N954.085 billion from the revenue generated in July 2022 to the Federal Government, States, and Local Government Councils in August 2022.
The FAAC allocation for this month was 18.9 per cent higher than the N802.4 billion disbursed to the three tiers of government last month.
In a communiqué issued at the end of the FAAC meeting held in Abuja on Wednesday, it was disclosed that the N954.085 billion total distributable revenue comprised distributable statutory revenue of N776.918 billion and distributable Value Added Tax (VAT) revenue of N177.167 billion.
In July 2022, the total deductions for the cost of the collection were N47.254 billion, and total deductions for transfers, savings and refunds were N255.762 billion.
The communiqué confirmed that from the total distributable revenue of N954.085 billion; the Federal Government received N406.610 billion, the State Governments received N281.342 billion and the Local Government Councils received N210.617 billion. The sum of N55.515 billion was shared to the relevant States as 13 per cent derivation revenue.
Gross statutory revenue of N1,066.845 billion was received for the month of July 2022. This was higher than the sum of N1,012.065 billion received in the previous month by N54.780 billion.
From the N776.918 billion distributable statutory revenue, the Federal Government received N380.035 billion, the State Governments received N192.759 billion and the Local Government Councils received N148.609 billion. The sum of N55.515 billion was shared with the relevant states as 13 per cent derivation revenue.
In the month of July 2022, the gross revenue available from the Value Added Tax (VAT) was N190.256 billion. This was lower than the N208.148 billion available in the month of June 2022 by N17.892 billion.
From the N177.167 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.575 billion, the State Governments received N88.584 billion and the Local Government Councils received N62.008 billion.
According to the Communiqué, in the month of July 2022, Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties, and Oil and Gas Royalties recorded significant increases, while Import Duty and Value Added Tax (VAT) decreased considerably.
It was also stated that the balance in the Excess Crude Account (ECA) was $470,599.54 as it rose 24.9 per cent from the $376,655.09 in July after plunging from the $35.7 million it was as of June 2022.
Modupe Gbadeyanka