Abuja, Aug. 23, 2023 – A total of N966.110 billion was shared among the three tiers of government by the Federation Account Allocation Committee (FAAC) for the month of July 2023.
This was from the gross statutory revenue of N1.150 trillion received in July.
The figure was N2.497 billion lower than the N1.152 trillion gross statutory revenue received in June.
The cost of collection was N62.419 billion, while deductions for savings, transfers, refunds and tax credit cancellation stood at N717.962 billion.
These details are contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting held in Abuja on Tuesday and chaired by the new Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The N966.110 billion total distributable revenue comprised statutory revenue of N397.419 billion, Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion and Exchange Difference revenue of N283.904 billion.
From the distributable revenue of N966.110 billion, the Federal Government received N374.485 billion, the State Governments received N310.670 billion, while the Local Government Councils received N229.409 billion.
The sum of N51.545 billion was shared to the oil producing states due to 13% derivation formula.
The balance in the Excess Crude Account (ECA) was put at $473,754.57. (GBN)
