By Tony Obiechina, Abuja
The Federation Account Allocation Committee (FAAC) has shared a total sum of N954.085 billion July 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for August 2022, held in Abuja.
The N954.085 billion total distributable revenue comprised distributable statutory revenue of N776.918 billion and distributable Value Added Tax (VAT) revenue of N177.167 billion.
In July 2022, the total deductions for cost of collection was N47.254 billion and total deductions for transfers, savings and refunds was N255.762 billion.
The balance in the Excess Crude Account (ECA) was $470,599.54.
The communiqué confirmed that from the total distributable revenue of N954.085 billion; the Federal Government received N406.610 billion, the State Governments received N281.342 billion and the Local Government Councils received N210.617 billion. The sum of N55.515 billion was shared to the relevant States as 13% derivation revenue.
Gross statutory revenue of N1,066.845 billion was received for the month of July 2022. This was higher than the sum of N1,012.065 billion received in the previous month by N54.780 billion.
From the N776.918 billion distributable statutory revenue, the Federal Government received N380.035 billion, the State Governments received N192.759 billion and the Local Government Councils received N148.609 billion. The sum of N55.515 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 N190.256 billion. This was lower than the N208.148 billion available in the month of June 2022 by N17.892 billion.
From the N177.167 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.575 billion, the State Governments received N88.584 billion and the Local Government Councils received N62.008 billion.
According to the Communiqué, in the month of July 2022, Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases, while Import Duty and Value Added Tax (VAT) decreased considerably.
