The Federation Accounts Allocation Committee (FAAC) disbursed the sum N760.717 billion to the three tiers of government for the month of July.
The amount represents an increase of N109.5 billion when compared to June’s disbursement of N651.18 billion.
The Deputy Director of Information, Oshundun Olajide, at the Ministry of Finance, Budget and National Planning made this known in a statement on Friday.
He stated that of the N760.717 billion disbursed, the Federal Government got N325.988 billion, while states got N224.929 billion and local government councils received N168.424 billion.
“The total amount shared was inclusive of Value Added Tax (VAT) and Exchange Gain,” the statement reads.
Oil-producing states were given N41.376 billion as derivation (13 percent of mineral revenue).
The communique issued by the committee showed that the gross revenue available from the value-added tax for July was N151.134 billion as against N154.465 billion distributed in June.
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This resulted in a decrease of N3.331 billion.
“The distribution is as follows; Federal Government got N21.083 billion, the States received N70.278 billion, Local Government Councils got N49.194 billion, Allocation To NEDC received N4.534 billion and Cost of collection/transfers/ refunds got N6.045 billion,” the statement added.
“The distributed Statutory Revenue of N601.095 billion received for the month was lower than the N812.409 billion received for the previous month by N211.314 billion, from which the Federal government received N303.765 billon, States got N154.074 billion, LGCs got N6118.785 billion, and Derivation (13 per cent Mineral Revenue) got N41.081 billion.”
The communique also revealed that companies income tax (CIT), petroleum profit tax (PPT), and oil and gas royalties recorded significant decreases, while import and excise duty, VAT decreased marginally.
It, however, disclosed that total revenue distributable for the current month inclusive of gross statutory revenue of N617.705 billion, VAT of N140.555 billion, and exchange gain of N2.457 billion, bringing the total distributable revenue to N760.717 billion.
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