Federal, states, LGAs share N769.523 billion for July

Friday, 23 August 2019 04:50

Federal, states, LGAs share N769.523 billion for July

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The three tiers of government, consisting federal and states and Local government councils shared about N769.523 billion as revenue allocation for July this year.

Federation Accounts Allocation Committee (FAAC) at the end of its meeting in Abuja said the revenue shared comprised gross statutory allocation, Value Added Tax (VAT), and foreign exchange gain.

Details of the allocation announced by the committee showed the balance in the Excess Crude Account stood about $274.407 million.

The amount conflicted with what Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, reported earlier in the day to National Economic Council as balance in the account.

Ahmed had said the balances in ECA as August 20 stood at about $95,329,245.24.

Details of the allocation presented by FAAC Secretariat showed gross statutory revenue for the month was N674.365 billion.

The figure was higher than the N652.949 billion received in the previous month by N21.416 billion.

For July, revenue from Value Added Tax (VAT) was lower than what the collection in the preceding month.

A gross revenue of N94.159 billion was available from Value Added Tax as against N108.631 billion distributed in the preceding month, a decrease of N14.472 billion. Exchange Gain yielded a total revenue of N0.999 billion.

A communique issued by the committee confirmed Federal Government received N299.799 billion, the States N190.381 billion, and the Local Government Councils N143.569 billion.

Oil producing states received N42.917 billion as 13 per cent derivation revenue and Revenue Generating Agencies received N92.857 billion as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of N674.365 billion, Federal Government received N285.767 billion, States received N144.945 billion, Local government Councils received N111.746 billion.

Oil Producing States received N42.816 billion as 13% derivation revenue and Revenue Collecting Agencies received N89.091 billion as cost of collection.

From N94.159 billion Value Added Tax (VAT) revenue, Federal Government received N13. 559 billion, States received N45.197 billion, Local Government Councils received N31.638 billion and Revenue Generating Agencies received N3.766 billion.