BY GLORIA USMAN, ABUJA – The Federation Accounts Allocation Committee (FAAC) has announced the sharing of N769.523 billion to the three tiers of government for the month of July 2019.
The Committee which announced on Thursday said the figure comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue, adding that as at 22nd August 2019, the balance in the Excess Crude Account was $274.407 million.
It also said that the Gross Statutory Revenue for the month of July 2019 stands at N674.365 billion higher by N21.416 billion than the N652.949 billion received in the previous month.
A breakdown of the distribution showed that from the Gross Statutory Revenue of N674.365 billion, the Federal Government got N285.767 billion while the States received N144.945 billion and the Local Government Councils had N111.746 billion.
In the same vein, the Oil Producing States received N42.816 billion as 13% derivation revenue just as Revenue Collecting Agencies received N89. 091 billion as cost of collection.
Similarly, from the N94.159 billion Value Added Tax (VAT) revenue, the Federal Government share is N13. 559 billion while the 36 states and the Federal Capital Territory (FCT), received N45.197 billion just as N31.638 billion accrued to the Local Government Councils and the Revenue Generating Agencies getting N3.766 billion.
A communique issued at the end of the meeting of FAAC said that for the month of July, revenue from the Value Added Tax (VAT) was lower than what it was in the preceding month.
The FAAC communique further noted that a gross revenue of N94.159 billion was available from the Value Added Tax as against N108.631 billion distributed in the preceding month thereby resulted in a decrease of N14.472 billion while Exchange Gain yielded a total revenue of N0.999 billion.
The communique further states; “From the total revenue of N769.523 billion, the Federal Government received N299.799 billion, the States received N190.381 billion, and the Local Government Councils received N143.569 billion.
“The Oil Producing States received N42.917 billion as 13% derivation revenue and the Revenue Generating Agencies received N92.857 billion as cost of revenue collection.”
