FAAC Disburses N802.4bn to FG, States, Local Councils for July

By Aduragbemi Omiyale

The sum of N802.4 billion has been disbursed to the three tiers of government; the federal, states and local government councils of the federation for July 2022.

The money was shared by the Federation Account Allocation Committee (FAAC) from the revenue generated by the country last month.

It was disclosed via a communiqué issued on Tuesday in Abuja that distributable statutory revenue of N608.6 billion and distributable Value Added Tax (VAT) revenue of N193.8 billion made up the N802.4 billion shared by FAAC.

From the amount shared, the federal government took N321.9 billion, the state governments got N245.4 billion, the local councils received N182.3 billion and the relevant states took N52.8 billion as 13 per cent derivation revenue.

A further breakdown showed that from the N608.9 billion distributable statutory revenue, the sum of N292.8 billion was given to the central government, N148.5 billion was allocated to states, N114.5 billion was disbursed to local government councils, while N52.8 billion was given to the relevant states as 13 per cent derivation revenue.

Also, from the N193.827 billion distributable VAT revenue, the federal government got N29.1 billion, the state governments received N96.9 billion and the local councils were given N67.8 billion.

It was stated that gross statutory revenue of N1.012 trillion was received for the month of June 2022, higher than the N590.0 billion received in the previous month by N422.1 billion, while the gross revenue available from VAT stood at N208.2 billion, higher than the N213.2 billion earned in May 2022 by N5.0 billion.

Also, the total deductions for the cost of the collection were N44.6 billion and deductions for transfers, savings, refunds and 13 per cent derivation to Anambra State were N373.2 billion.

The communiqué disclosed that the amount left in the country’s Excess Crude Account (ECA) was $376,655.09.