FAAC: FG, States, LGs Share N676.407Bn for July

Pat Stevens/

The Federation Accounts Allocation Committee (FAAC) at its virtual meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa- Dutse, shared the sum of N676.407 billion between the three tiers of government as allocation for the month of July, 2020.

The federal government received N273.189 billion; inclusive of value added tax (VAT), the states received N190.849 billion, the local governments got N142.761billion, the oil producing states received N42.851 billion as derivation (13% of Mineral Revenue), while Cost of Collection/Transfer and Refund was allocated N26.757 billion.

A communique issued by the FAAC at the end of the meeting, showed that the Gross Revenue available from VAT for July was N132.619 billion against N128.619 billion distributed in the preceding month, resulting in an increase of N3.793 billion.

Of this sum, federal government got N18.500 billion, the states got N61.668 billion, local government councils got N43.168 billon, while Cost of Collection/Transfer and Refund got N9.283 billion.

The distributed Statutory Revenue of N543.788 billion received for the month was also higher than the N524.526 billion received for the previous month by N19.262 billion, out which federal government received N254.688 billon, states got N129.181 billion, local government councils got N99.593 billion, Derivation got N42.851 billion, while Cost of Collection/ Transfer and Refund got N17.474 billion.

The communique also revealed that Oil and Gas Royalty, Petroleum Profit Tax (PPT), and Value Added Tax (VAT) increased considerably, while Companies Income Tax (CIT), Import and Excise Duty decreased.