August 24, (THEWILL) – The Federation Account Allocation Committee (FAAC) has shared a total sum of N954.085 billion for July 2022 Federation Account Revenue between the Federal, State Governments, and Local Government Councils.
This is contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting held on Wednesday, in Abuja.
The N954.085 billion total distributable revenue comprised statutory revenue of N776.918 billion and Value Added Tax (VAT) revenue of N177.167 billion.
In July 2022, the total deductions for cost of collection was N47.254 billion, while total deductions for transfers, savings and refunds amount to N255.762 billion, while the balance in the Excess Crude Account (ECA) is $470,599.54.
According to the communiqué, from the total distributable revenue of N954.085 billion, the Federal Government received N406.610 billion, State Governments got N281.342 billion and the Local Government Councils pocketed N210.617 billion, while the sum of N55.515 billion was shared to the relevant States as 13% derivation revenue.
Gross statutory revenue of N1,066.845 billion was received for the month of July 2022, and this was higher than the sum of N1,012.065 billion received in the previous month of June 2022 by N54.780 billion.
From the N776.918 billion distributable statutory revenue, the Federal Government received N380.035 billion, State Governments pocketed N192.759 billion and the Local Government Councils got N148.609 billion, while the sum of N55.515 billion was shared to the relevant States as 13% derivation revenue.
In the month of July 2022, the gross revenue available from the Value Added Tax (VAT) was N190.256 billion. This was lower than the N208.148 billion available in the month of June 2022 by N17.892 billion.
From the N177.167 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.575 billion, State Governments went home with N88.584 billion and the Local Government Councils got N62.008 billion.
The Communiqué states that in the month of July 2022, Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties, Oil and Gas Royalties, recorded significant increases, while Import Duty and Value Added Tax (VAT) decreased considerably.
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