The Federation Account Allocation Committee (FAAC) has allocated ₦954.085 billion in Federation Account Revenue for July 2022 to the Federal Government (FG), States, and Local Government Councils (LGAs).
This was stated in a communiqué issued at the conclusion of Wednesday’s Federation Account Allocation Committee (FAAC) meeting in Abuja.
Distributable revenue
The total distributable revenue of ₦954.085 billion was made up of distributable statutory revenue of ₦776.918 billion and distributable Value Added Tax (VAT) revenue of ₦177.167 billion.
Total deductions for collection costs were ₦47.254 billion in July 2022, and total deductions for transfers, savings, and refunds were ₦255.762 billion.
The Excess Crude Account (ECA) balance was $470,599.54.
The communiqué confirmed that the FG received ₦406.610 billion from the total distributable revenue of ₦954.085 billion, the State Governments received ₦281.342 billion, and the Local Government Councils received ₦210.617 billion. As 13% derivation revenue, ₦55.515 billion was distributed to the relevant states.
Gross statutory revenue
For the month of July 2022, gross statutory revenue of ₦1,066.845 billion was received. This was ₦54.780 billion more than the previous month’s total of ₦1,012.065 billion.
From the ₦776.918 billion distributable statutory revenue, the Federal Government received ₦380.035 billion, the State Governments received ₦192.759 billion and the Local Government Councils received ₦148.609 billion.
The sum of ₦55.515 billion was shared to the relevant States as 13% derivation revenue.
In the month of July 2022, the gross revenue available from the Value Added Tax (VAT) was ₦190.256 billion.
This was lower than the ₦208.148 billion available in the month of June 2022 by ₦17.892 billion.
From the ₦177.167 billion distributable Value Added Tax (VAT) revenue, the Federal Government received ₦26.575 billion, the State Governments received ₦88.584 billion and the Local Government Councils received ₦62.008 billion.
According to the Communiqué, Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties, and Oil and Gas Royalties increased significantly in July 2022, while Import Duty and Value Added Tax (VAT) decreased significantly.
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