The Federation Accounts Allocation Committee (FAAC) has shared N760.717 billion to the Federal, States and Local Governments Councils for July 2021.
This was according to a statement on Friday issued at the end of the virtual meeting of the FAAC for August 2021.
Details of the revenue showed that statutory revenue of N617.705 billion; distributable Value Added Tax (VAT) revenue of N140.555 billion and Exchange Gain of N2.457 billion.
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 (ECA) was $60.855 million.
The communiqué showed that from the total distributable revenue of N760.717 billion; the Federal Government received N321.226 billion, the State Governments received N222.514 billion, and the Local Government Councils received N166.562 billion.
In the month of July 2021, the gross revenue available from the Value Added Tax (VAT) was N151.134 billion. This was lower than the N154.465 billion available in the month of June by N3.331billion.
The sum of N4.534 billion allocation to NEDC and N6.045 billion cost of revenue collection were deducted from the N151.134 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N140.555billion.
From the N140.555 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N21.083 billion, the State Governments received N70.278 billion and the Local Government Councils received N49.194 billion.
The Federal Government received N1.139 billion from the total Exchange Gain revenue of N2.457 billion. The State Governments receive N0.578 billion, the Local Government Councils received N0.445 billion and N0.295 billion was given to the relevant States as 13% derivation revenue.
According to the Communiqué, in the month of July 2021, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases while Value Added Tax (VAT) Import and Excise Duty had a marginal decrease.
