FAAC: FG, States, LGs share N954 billion

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The Federation Account Allocation Committee (FAAC) has shared a total sum of N954.085 billion Federation Account Revenue to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of the FAAC meeting, in Abuja, yesterday.

According to the committee, 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.

Nigeria Customs Service and the Federal Inland Revenue Service received N47.254 billion as cost of collection, while total deductions for transfers, savings and refunds was N255.762 billion.

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

Out of the N954.085 billion, the Federal Government received N406.610 billion, the State Governments N281.342 billion, while the Local Government Councils received N210.617 billion.

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

Details of the revenue put gross statutory revenue at N1. 066 trillion for the month of July 2022.

The revenue in the period under review was higher than the sum of N1. 02 trllion received in the previous month by N54.780 billion.

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.

The FAAC said that 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.

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