FAAC: FG & States Share N966 Billion for July, includes N283.9 billion from exchange rate difference

The Federation Account Allocation Committee (FAAC) has disbursed N966.110 billion in revenue among the Federal Government, States, and Local Government Councils (LGCs) for July.

The information was revealed in a communiqué following the August FAAC meeting, presided over by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

Here’s a breakdown of the allocation

Total Distributable Revenue N966.110 billion

• Distributable Statutory Revenue: N397.419 billion
• Distributable Value Added Tax (VAT): N271.947 billion
• Electronic Money Transfer Levy (EMTL): N12.840 billion
• Exchange Difference Revenue: N283.904 billion

Key Points

• Deductions for the cost of collection in July amounted to N62.419 billion.
• The Excess Crude Account (ECA) had a balance of $473,754.57.
• Gross statutory revenue for July was N1,150.424 billion, a decrease of N2.497 billion from June’s N1,152.921 billion.

Distribution

• Federal Government: N374.485 billion
• State Governments: N310.670 billion
• LGCs: N229.409 billion
• Oil Derivation States (13% derivation revenue): N51.545 billion

Further Distributions

From the Statutory Revenue of N397.419 billion:

• Federal Government: N190.489 billion
• State Governments: N96.619 billion
• LGCs: N74.489 billion
• 13% Derivation Revenue to relevant States: N35.822 billion

From the VAT of N271.947 billion:

• Federal Government: N40.792 billion
• State Governments: N135.974 billion
• LGCs: N95.181 billion

EMTL Revenue of N12.840 billion was split among:

• Federal Government: N1.926 billion
• State Governments: N6.420 billion
• LGCs: N4.494 billion

From the Exchange Difference Revenue of N283.904 billion:

• Federal Government: N141.278 billion
• State Governments: N71.658 billion
• LGCs: N55.245 billion
• 13% Mineral Revenue to relevant States: N15.723 billion

Revenue Trends

The communiqué highlighted a substantial rise in Import and Excise Duties and EMTL in July, a slight increase in VAT, and noticeable declines in Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas royalties.