FAAC Shares N760.717Bn July Revenue To Three Tiers Of Government
BY GLORIA USMAN, ABUJA – The Federation Accounts Allocation Committee (FAAC), has shared N760.717 billion to the Federal, States and Local Governments Councils as revenue for the month of July 2021.
This was contained in a communiqué issued at the end of the virtual meeting of the Committee for August 2021.
A statement by the Director of Information, Press and Public Relations in the Office of the Accountant General of the Federation (OAGF), Henshaw Ogubike, stated that the N760.717 billion is the total distributable revenue comprising statutory revenue of N617.705 billion; Value Added Tax (VAT) revenue of N140.555 billion and Exchange Gain of N2.457 billion.
The statement explained that in July 2021, N63.501 billion was the total deductions for cost of collection, statutory transfers and refunds, adding that the balance in the Excess Crude Account (ECA) was $60.855 million.
The communiqué confirmed that from the total distributable revenue of N760.717 billion; the Federal government received N321.226 billion while the States got N222.514 billion, and the Local Government Councils N166.562 billion. In the same vein, N50.415 billion was shared to the relevant States as 13% derivation revenue.
The communique further stated that the distributable statutory revenue of N617.705 billion was available for the month, adding that from this, the federal government received N299.004 billion, the state governments – N151.659 billion and the Local Government Councils – N116.922 billion while N50.120 billion was given to the relevant states as 13% derivation revenue.
The statement also stated that in the same month of July 2021, the gross revenue available from the Value Added Tax (VAT) was N151.134 billion, saying that this was lower than the N154.465 billion available in the month of June by N3.331billion.
According to the statement; “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.
“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 decreased marginally,” it further stated.
