The federation account allocation committee (FAAC) says the three tiers of government shared N1.358 trillion in July.
This represents N4 billion increase compared to the N1.354
trillion shared in June.
On Friday, FAAC held its August meeting chaired by Wale
Edun, minister of finance and coordinating minister of the economy.
According to a statement by Mohammed Manga, director,
information and public relations, ministry of finance, FAAC shared the amount
from a total revenue of N2.61 trillion available in July.
The revenue breakdown showed that statutory revenue was
N161.5 billion, value-added tax (VAT) was N528 billion; electronic money
transfer levy (EMTL) was N18.8 billion, exchange difference stood at N581
billion, and solid mineral provided N13.6 billion revenue, bringing the total
distributable amount for the month to N1.358 trillion.
Out of the distributable revenue, FAAC said the federal
government received N431 billion, the states received N473 billion, and the
local government councils got N343 billion.
Also, oil-producing states received N109 billion as
derivation fund (13 percent of mineral revenue).
The committee said the sum of N99.7 billion was given for
the cost of collection, while N109.816 billion was allocated for transfer
intervention and refunds.
Gross revenue available from the VAT for July was N625
billion — up by N62 billion compared to the N562 billion distributed in the
preceding month, according to the statement.
Also, out of the distributable VAT revenue of N582 billion,
the federal government got N87.3 billion, states received N291 billion and
local governments got N203 billion.
“Accordingly, the Gross Statutory Revenue of N1,373.503
Trillion received for the month was lower than the sum of N1,432.667 Billion
received in the previous month by N45.517 Billion. From the stated amount, the
sum of N73.959 Billion was allocated for the cost of collection and a total sum
of N1,137.951Trillion for Transfers, Intervention and Refunds,” FAAC said.
In addition, the gross statutory revenue balance was N161
billion, and out of this, the federal government got the sum of N58.5 billion,
states received N29.6 billion, and N22.894 billion was allocated to local
governments, while N50.4 billion was given as 13 percent derivation revenue to
oil-producing states.
However, from the N19.6 billion ETML revenue shared, the
committee said the federal government received N2.8 billion, states received
N9.4 billion, and local governments received N6.5 billion, while N0.784 billion
was allocated for the cost of collection.
FAAC added that oil and gas royalty, petroleum profit tax
(PPT), VAT, import duty, EMTL, and external tariff levies (CET) increased
significantly.
On the other hand, the company income tax (CIT) recorded a
decrease, while excise duties increased only marginally.
The balance in the excess crude account (ECA) as of August
2024 stands at $473,754.57.
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