By Tony Obiechina, Abuja
The Federation Accounts Allocation Committee (FAAC) has shared a total of N760.717 billion in July 2021 Federation Account Revenue to the Federal, States and Local Governments Councils.
This was contained in a communiqué issued on Friday at the end of the two-day virtual meeting of FAAC held in Abuja for August 2021.
The N760.717 billion total distributable revenue comprised distributable statutory revenue of N617.705 billion; distributable Value Added Tax (VAT) revenue of N140.555 billion and Exchange Gain of N2.457 billion.
In July 2021, the sum of N63.501billion was the total deductions for cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account (ECA) was $60.855 million.
The communiqué confirmed that from the total distributable revenue of N760.717 billion; the Federal Government received N321.226 billion, the State Governments received N222.514 billion, and the Local Government Councils received N166.562 billion. The sum of N50.415 billion was shared to the relevant States as 13% derivation revenue.
The distributable statutory revenue of N617.705 billion was available for the month. From this, the Federal Government received N299.004 billion, the State Governments received N151.659 billion and the Local Government Councils received N116.922 billion. The sum of N50.120 billion was given to the relevant States as 13% derivation revenue.
In the month of July 2021, the gross revenue available from the Value Added Tax (VAT) was N151.134 billion. This was lower than the N154.465 billion available in the month of June by N3.331billion. The sum of N4.534 billion allocation to NEDC and N6.045 billion cost of revenue collection were deducted from the N151.134 billion gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N140.555billion.
From the N140.555 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N21.083 billion, the State Governments received N70.278 billion and the Local Government Councils received N49.194 billion.
The Federal Government received N1.139 billion from the total Exchange Gain revenue of N2.457 billion, the State Governments N0.578 billion while the Local Government Councils received N0.445 billion and N0.295 billion was given to the relevant States as 13% derivation revenue.
According to the Communiqué, in the month of July 2021, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases while Value Added Tax (VAT) Import and Excise Duty decreased marginally.
