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Monthly Allocation: N954 billion was shared among FG, states, LGs in July

The Federation Account Allocation Committee (FAAC) disclosed this in a statement signed by Phil Abiamuwe-Mowete, a spokesperson for the Committee, towards  the end of the FAAC meeting, in Abuja, that was held on  Wednesday in Abuja.

Total amount of N954.085 billion , the federal government received N406.610 billion, the states received N281.342 billion, the local government Councils got N210.617 billion.

According to FAAC , the N954 billion was inclusive of Gross Statutory Revenue( N776.918  billion ) and Value Added Tax( (VAT) revenue of N177.167  billion.).

The sum of N55.515 billion was shared to nine oil producing states as 13% derivation revenue.

The statement indicated that the Gross Revenue available from the VAT for July was N177.167 billion which was a decrease distributed in the preceding month, the Federal Government received N26.575 billion, the State Governments received N88.584 billion and the Local Government Councils received N62.008 billion.

“Accordingly, the Gross Statutory Revenue of N776.918 billion distributed was higher than the sum received in the previous month.

“From which the Federal Government was allocated the sum of N380.035 billion, States got N192.759 billion, LGCs got N148.609 billion, and Oil Derivation (13 per cent Mineral Revenue) got N55.515 billion.”

The statement also said that Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases.

The statement also disclosed that Import Duty and VAT, however, decreased considerably whereas  Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases.

It said that total revenue distributable for the current month of July was drawn from Statutory Revenue of N776.918 billion.

The VAT was also N177.167 billion bringing the total distributable amount for the month to N954.085 billion.

However, The balance in the Excess Crude Account (ECA) stood at $470,599.54