FG, states, LGs share N769.5bn for July

Federation Accounts Allocation Committee
Federation Accounts Allocation Committee

The Federation Accounts Allocation Committee (FAAC) has shared a total of N769.523bn to the three tiers of government for the month of July 2019.

The N769.523bn comprised revenue from Value Added Tax (VAT), exchange gain and gross statutory Revenue.

The communiqué at the end of the FAAC for August show that the gross statutory revenue for the month of July 2019 was N674.365bn.

This is higher than the N652.949bn received in the previous month by N21.416bn.

It also showed that 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 N94.159bn was available from the Value Added Tax as against N108.631bn distributed in the preceding month, resulting in a decrease of N14.472bn. Exchange Gain yielded a total revenue of N0.999bn.

The communiqué also indicated that from the total revenue of N769.523bn, the Federal Government received N299.799bn, the States received N190.38bn, and the Local Governments received N143.569bn. The Oil Producing States received N42.917bn as 13% derivation revenue and the Revenue Generating Agencies received N92.857bn as cost of revenue collection.

A breakdown of the distribution showed that from the gross statutory revenue of N674.365bn, the Federal Government received N285.767bn, the states received N144.945bn, the LGs received N111.746bn, the Oil Producing States received N42.816bn as 13% derivation revenue and the Revenue Collecting Agencies received N89.091bn as cost of collection.

From the N94.159bn Value Added Tax (VAT) revenue, the Federal Government received N13. 559bn, the states received N45.197bn, the LGs received N31.638bn and the Revenue Generating Agencies received N3.766bn.

The Committee announced that as at 22nd August 2019, the balance in the Excess Crude Account was $274.407m.

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