By Aduragbemi Omiyale
The three tiers of government in Nigeria; the federal, 36 states and 774 local governments shared N733.09 billion in July 2021 from the revenue generated the previous month, higher than N605.96 billion shared in June 2021.
From the amount, the federal government received N304.95 billion, states received N215.57 billion, while the local councils received N161.10 billion.
In addition, the oil-producing states got N51.47 billion as a 13 per cent derivation of mineral revenue, a statement from the Ministry of Finance on Friday night disclosed.
The statement was issued after the monthly virtual Federation Accounts Allocation Committee (FAAC) meeting held in Abuja in July.
It was disclosed that last month, N87.46 billion was the total deductions for the cost of collection, statutory transfers and refunds, while the balance in the Excess Crude Account (ECA) stood at $60.85 million.
In the month, the distributable statutory revenue available stood at N585.75 billion, with the federal government taking N281.62 billion, states taking N142.84 billion, local governments taking N110.12 billion and oil-producing states receiving N51.15 billion as a 13 per cent derivation of mineral revenue.
“From the exchange gain revenue of N3.69 billion, the federal government received N1.78 billion, states received N0.9 billion, the local government councils received N0.69 billion and N311 million was given to the relevant states as 13 per cent derivation revenue,” a part of the statement said.
It was observed that FAAC shared N4.63 billion to the North East Development Commission, while N6.17 billion was deducted as a cost of revenue collection from the gross VAT revenue of N154.46 billion, resulting in the distributable VAT revenue of N143.65 billion, with the FG getting N21.54 billion, states receiving N71.82 billion and local councils taking N50.28 billion.
