The Federation Account Allocation Committee (FAAC), at its meeting chaired by Minister of Finance and the Co-ordinating Minister of the Economy, Mr. Wale Edun on Tuesday in Abuja shared a total sum of N966.110 billion to the three tiers of government as Federation Allocation for the month of July, 2023.
The Federal Government received N374.485 billion, the states received N310.670 billion, the local government councils got N229.409 billion, while the oil producing states received N51.545 billion as derivation, (13% of mineral revenue), a statement by Stephen Kilebi, Director, Press and Public Relations at the ministry of Finance said.
FAAC further disclosed that gross statutory revenue of N1,150.42bn was received for the month of July 2023, which was lower than the sum of N1,152.92bn received in the month of June 2023 by N2.5bn.
It was also disclosed that from the N397.42bn distributable statutory revenue, the Federal Government got N190.49bn, the State Governments got N96.62bn and the Local Government Councils got N74.49bn, while N35.822 billion was shared to the relevant States as 13 per cent derivation revenue.
Also, the gross revenue available from VAT was N298.79bn, which was higher than the N293.41bn available in the month of June 2023 by N5.38bn.
The Federal Government received N40.792 billion, the State Governments received N135.974 billion and the Local Government Councils received N95.181 billion from the N271.947 billion distributable Value Added Tax (VAT) revenue.
The N12.840 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.926 billion, the State Governments received N6.420 billion and the Local Government Councils received N4.494 billion.
Lastly, from the N283.904 billion Exchange Difference revenue, the Federal Government received N141.278 billion, the State Governments received N71.658 billion, the Local Government Councils received N55.245 billion and the sum of N15.723 billion was shared to the relevant States as 13 percent mineral revenue.
The communiqué further disclosed that Import and Excise Duties and Electronic Money Transfer Levy increased considerably while Value Added Tax increased marginally.
However, Petroleum Profit Tax, Companies Income Tax and Oil and Gas Royalties recorded significant decreases.