BY GLORIA USMAN, ABUJA – The Federation Accounts Allocation Committee (FAAC) has shared a total of N676.407 billion for the month of July 2020 as federation account Revenue to the Federal, States and Local Government Councils and other relevant agencies in the country.
This was announced by the Permanent Secretary, Federal Ministry of Finance. Dr Mahmud Isa-Dutse, who chaired the meeting of the committee for August which held through virtual conferencing.
Isa-Dutse said the gross statutory revenue of N543.788 billion was received for the month of July 2020n saying that the figure was higher than the N524.526 billion received in the previous month by N19.262 billion.
According to him; “The gross revenue available from the Value Added Tax (VAT) was N132.619 billion as against N128.826 billion available in the preceeding month, resulting in an increase of N3.793 billion”.
A communiqué issued by the FAAC indicated that from the total distributable revenue of N676.407 billion, the Federal Government received N273.189 billion, the State Governments received N190.849 billion and the Local Government Councils received N142.761 billion.
Meanwhile, the oil producing states received N42.851 billion as 13% derivation revenue, while two sub-heads namely; cost of collection and transfers to relevant Agencies collectively had allocation of N26.757 billion.
“The federal government received N254.688 billion from the gross statutory revenue of N543.788 billion, the State Governments received N129.181 billion and the Local Government Councils received N99.593 billion. N42.851 billion was given to the relevant States as 13% derivation revenue and N17.474 billion was the collective total for cost of revenue collection by revenue agencies”.
The federal government also received N18.500 billion from the Value Added Tax (VAT) revenue of N132.619 billion. The State Governments received N61.668 billion, the Local Government Councils received N43.168 billion, while cost of revenue collection and transfers collectively had a revenue allocation of N9.283 billion.
The Communiqué further stated that in the month of July 2020, Oil and Gas Royalty, Petroleum Profit Tax (PPT) and Value Added Tax (VAT) increased considerably while Companies Income Tax (CIT), Import and Excise Duty recorded decreases.
The balance in the Excess Crude Account (ECA) as at 19th August, 2020 was $72.408 million.