FAAC: FG, states, LGs share N676.407bn July revenue

TRACKING____Three tiers of governments comprising federal, states and local councils shared the sum of N676.407 billion in month of July. The amount shared was revenue that accrued into federation purse in July 2020. The figure was confirmed at the end of monthly Federation Account Allocation Committee (FAAC) meeting for August 2020 held through virtual conferencing; chaired by Dr. Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance. According to a statement issued by Henshaw Ogubike, Director (Information, Press and Public Relations) in the office of the Accountant General of the Federation, N543.788 billion was received as gross statutory for July.

This was higher than the N524.526 billion received in the previous month by N19.262 billion. The gross revenue available from the Value Added Tax (VAT) was N132.619 billion as against N128.826 billion available in the preceding month, resulting in an increase of N3.793 billion. Of N676.407 billion shared, the Federal Government received N273.189 billion, state governments received N190.849 billion and the 774 local governments received N142.761 billion. The oil producing states received N42.851 billion as 13% derivation revenue, while two sub-heads namely: cost of collection and transfers to relevant agencies collectively had allocation of N26.757 billion.

The Federal Government received N254.688 billion from the gross statutory revenue of N543.788 billion; the state governments received N129.181 billion and the local government councils received N99.593 billion. Also, N42.851 billion was given to the relevant states as 13% derivation revenue and N17.474 billion was for cost of revenue collection by the agencies.

The Federal Government received N18.500 billion from VAT revenue of N132.619 billion. The state governments received N61.668 billion, the local government councils received N43.168 billion, while cost of revenue collection and transfers collectively had an allocation of N9.283 billion. The balance in the Excess Crude Account (ECA) as at 19th August was $72.408 million.