APA – Lagos (Nigeria)
Nigeria’s Federation Account Allocation Committee (FAAC) has shared N966.110 billion revenue to the country’s three-tiers of government made up of the Federal Government, State Governments and Local Government Councils for the month of July 2023.
According to the communiqué issued at the end of the FAAC meeting, which was chaired on Tuesday by the new Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, N966.110 billion was the total distributable revenue comprising distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion and the Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion as well as the Exchange Difference revenue of N283.904 billion.
It explained that in July, the total deductions for cost of collection was N62.419 billion, while total deductions for savings, transfers, refunds and tax credit cancellation was N717.962 billion and the balance in the Excess Crude Account (ECA) was 473,754.57 dollars.
The communiqué added that out of N966.110 billion; the Federal Government received N374.485 billion, state governments received N310.670 billion and the LGs received N229.409 billion, while N51.545 billion was shared as 13 per cent derivation revenue to oil producing states.
Accordingly, the gross statutory revenue of N1150.424 billion received for the month was lower than N1152.921 billion received in June, 2023 by N2.497 billion.
The remaining balance of N397.419 billion was distributed as follows: Federal Government was allocated N190.489 billion; states got N96.619 billion, local councils had N74.489 billion, while Derivation was N35.822 billion.
The communiqué also stated that import and Excise Duties and EMTL increased considerably in July, while VAT increased marginally.
“Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas royalties recorded significant decreases,” it added. ($1=N755)
GIK/APA