According to the Federation Account Allocation Committee, the three levels of government split N966.11 billion in July 2023The amount is . the largest this year and reflects a small increase of N59.06 billion over the N907.05 billion given for June 2023.
According to a statement by Bawa Mowa, Director, Press and Public Relations, Office of the Accountant General of the Federation, FAAC made this disclosure in a communiqué released at the conclusion of its most recent meeting on Tuesday in Abuja.
Wale Edun, the newly appointed Coordinating Minister of the Economy and Minister of Finance, served as the meeting’s moderator. According to the Federation Account Allocation Committee, the three levels of government split N966.11 billion in July 2023. The amount is the largest this year and reflects a small increase of N59.06 billion over the N907.05 billion given for June 2023.
According to a statement by Bawa Mowa, Director, Press and Public Relations, Office of the Accountant General of the Federation, FAAC made this disclosure in a communiqué released at the conclusion of its most recent meeting on Tuesday in Abuja.
Wale Edun, the newly appointed Coordinating Minister of the Economy and Minister of Finance, served as the meeting’s moderator.reviously, it was chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.
The total amount includes gross statutory revenue, Value Added Tax, and electronic money transfer levies and exchange rate difference revenue.
The communiqué read in part, “The N966.11bn total distributable revenue comprised distributable statutory revenue of N397.42bn, distributable Value Added Tax revenue of N271.95bn, Electronic Money Transfer Levy revenue of N12.84bn and Exchange Difference revenue of N283.904bn.
“A breakdown of how much each level of government got showed that, “from the total distributable revenue of N966.11bn; the Federal Government received N374.49bn, the state governments received N310.67bn and the Local Government Councils received N229.41bn. A total sum of N51.55bn was shared to the relevant States as 13 per cent derivation revenue.”
The communique further disclosed that gross statutory revenue of N1,150.42bn was received for the month of July 2023, which was lower than the sum of N1,152.92bn received in the month of June 2023 by N2.5bn.
It was also disclosed that from the N397.42bn distributable statutory revenue, the Federal Government got N190.49bn, the State Governments got N96.62bn and the Local Government Councils got N74.49bn, while N35.822 billion was shared to the relevant States as 13 per cent derivation revenue.
Also, the gross revenue available from VAT was N298.79bn, which was higher than the N293.41bn available in the month of June 2023 by N5.38bn.
From the VAT revenue, the Federal Government got N40.79bn, the State Governments got N135.97bn and the Local Government Councils received N95.18bn.
Also, from the N12.84bn Electronic Money Transfer Levy, the Federal Government got N1.93bn, the State Governments got N6.42bn and the Local Government Councils received N4.49bn.
Lastly, from the N283.9bn Exchange Difference revenue, the Federal Government got N141.28bn, the State Governments received N71.66bn, the Local Government Councils received N55.25bn and N15.72bn was shared to the relevant States as 13 per cent mineral revenue.
The communiqué further disclosed that Import and Excise Duties and Electronic Money Transfer Levy increased considerably while Value Added Tax increased marginally.
However, Petroleum Profit Tax, Companies Income Tax and Oil and Gas Royalties recorded significant decreases.
It was also disclosed that N62.42bn was deducted as cost of collection, while N717.96bn was deducted for savings, transfers, refunds and tax credit cancellation.
The balance in the Excess Crude Account was maintained at $473,754.57.
In a separate statement by the Director, Press and Public Relations of the Ministry of Finance, Stephen Kilebi, it was disclosed that Edun noted that there was the need for government to mobilise resources to deliver on its mandate to increase employment and reduce poverty.
The statement added, “Mr Edun advised that there should be discipline in money supply to control inflation in the nation.
