VICTORIA ONU, ABUJA
The Federation Accounts Allocation Committee has shared a total of N760.717billion July 2021 revenue to the federal, states and local government councils.
This was contained in a communiqué issued at the end of the virtual meeting of FAAC for August 2021.
The N760.717billion total distributable revenue comprised distributable statutory revenue of N617.705billion; distributable Value Added Tax revenue of N140.555billion and Exchange Gain of N2.457billion.
In July 2021, the sum of N63.501billion was the total deductions for cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account was $60.855million.
The communiqué confirmed that from the total distributable revenue of N760.717billion; the Federal Government received N321.226billion, the state governments received N222.514 billion, and the local government councils received N166.562billion.
The sum of N50.415billion was shared to the relevant states as 13 per cent derivation revenue.
The distributable statutory revenue of N617.705billion was available for the month.
From this, the Federal Government received N299.004billion, the state governments received N151.659billon and the local government councils received N116.922billion.
The sum of N50.120billion was given to the relevant states as 13 per cent derivation revenue.
In the month of July 2021, the gross revenue available from the Value Added Tax was N151.134billion.
This was lower than the N154.465billion available in the month of June by N3.331billion.
The sum of N4.534billion allocation to NEDC and N6.045billion cost of revenue collection were deducted from the N151.134billion gross Value Added Tax revenue, resulting in the distributable Value Added Tax revenue of N140.555billion.
From the N140.555billion distributable Value Added Tax revenue, the Federal Government received N21.083billion, the state governments received N70.278billion and the local government councils received N49.194billion.
The Federal Government received N1.139billion from the total Exchange Gain revenue of N2.457billion. The state governments received N0.578billion, the local government councils received N0.445billion and N0.295billion was given to the relevant states as 13 per cent derivation revenue.
According to the communiqué, in the month of July 2021, Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties recorded significant decreases while Value Added Tax, and Import and Excise Duty decreased marginally.
