The Federation Account Allocation Committee (FAAC), at its Meeting on Wednesday shared the sum of N954.08 billion among the three tiers of government, as federation allocation for the month of July, 2022.
From this stated amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N406.6 bn, the States received N281.3 bn, the Local Government Councils got N210.6 bn, while the Oil producing states received N55.5 bn as derivation (13% of Mineral Revenue).
The communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for July 2022 was N177.1bn which is a decrease distributed in the preceding month.
”The distribution is as follows; Federal Government got N26.575 bn, the States received N88.584 bn, Local Government Councils got N62.008 bn”.
Accordingly, the Gross Statutory Revenue of N776.918 billion distributed was higher than the sum received in the previous month, from which the Federal Government was allocated N380.035 bn, States got N192.759 bn, LGCs got N148.609 bn, and Oil Derivation (13% Mineral Revenue) got N55.515 bn.
The communiqué further revealed that Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases, while Import Duty and Value Added Tax (VAT) decreased considerably.
The balance in the Excess Crude Account (ECA), as at 24th August, 2022 stands at Four hundred and seventy thousand, five hundred and ninety nine dollars
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