By Tony Obiechina, Abuja
The Federation Accounts Allocation Committee (FAAC) shared a total of N769.523 billion to the three tiers of government for the month of July 2019.
The N769.523 billion comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.
The Committee announced in a communique at the end of its meeting in Abuja on Thursday that as at 22nd August 2019, the balance in the Excess Crude Account was $274.407 million.
The gross statutory revenue for the month of July 2019 was N674.365 billion. It was higher than the N652.949 billion received in the previous month by N21.416 billion.
For the month of July, revenue from the Value Added Tax (VAT) was lower than what it was in the preceding month. A gross revenue of N94.159 billion was available from the Value Added Tax as against N108.631 billion distributed in the preceding month, resulting in a decrease of N14.472 billion. Exchange Gain yielded a total revenue of N0.999 billion.
According to the communique from the total revenue of N769.523 billion, the Federal Government received N299.799 billion, the States received N190.381 billion, and the Local Government Councils received N143.569 billion.
The Oil Producing States received N42.917 billion as 13% derivation revenue and the Revenue Generating Agencies received N92.857 billion as cost of revenue collection.
A breakdown of the distribution showed that from the gross statutory revenue of N674.365 billion, the Federal Government received N285.767 billion, the States received N144.945 billion, the Local Government Councils received N111.746 billion, the Oil Producing States received N42.816 billion as 13% derivation revenue and the Revenue Collecting Agencies received N89. 091 billion as cost of collection.
From the N94.159 billion Value Added Tax (VAT) revenue, the Federal Government received N13. 559 billion, the States received N45.197 billion, the Local Government Councils received N31.638 billion and the Revenue Generating Agencies received N3.766 billion.