The Federation Account Allocation Committee (FAAC) has disbursed a total of N966.110 billion as the July Federation Account Revenue to the Federal Government, states, and local councils. This distribution was confirmed in a communiqué issued after the FAAC meeting in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The breakdown of the N966.110 billion distributable revenue is as follows:
– Statutory revenue: N397.419 billion
– Value Added Tax (VAT) revenue: N271.947 billion
– Electronic Money Transfer Levy (EMTL) revenue: N12.840 billion
– Exchange Difference revenue: N283.904 billion
From the total, N62.419 billion was allocated for the cost of collection, while deductions for savings, transfers, refunds, and tax credit cancellation amounted to N717.962 billion. The Excess Crude Account (ECA) balance stood at $473,754.57.
Out of the distributable revenue, the Federal Government received N374.485 billion, state governments received N310.670 billion, and local government councils received N229.409 billion. An additional N51.545 billion was distributed to oil-producing states as 13% derivation revenue.
The gross statutory revenue for July was N1.150 trillion, which is slightly lower than the N1.152 trillion received in June by N2.497 billion. The distributable statutory revenue of N397.419 billion was shared with the Federal Government receiving N190.489 billion, state governments receiving N96.619 billion, and local government councils receiving N74.489 billion. Also, N35.822 billion was shared with relevant states as 13% derivation revenue.
The Value Added Tax (VAT) revenue for July was N298.789 billion, higher than the N293.411 billion in June by N5.378 billion. The Federal Government received N40.792 billion, state governments received N135.974 billion, and local government councils received N95.181 billion from the N271.947 billion distributable VAT revenue.
The N12.840 billion Electronic Money Transfer Levy (EMTL) was allocated as follows: the Federal Government received N1.926 billion, state governments received N6.420 billion, and local government councils received N4.494 billion. Additionally, from the N283.904 billion Exchange Difference revenue, the Federal Government received N141.278 billion, state governments received N71.658 billion, and local government councils received N55.245 billion. Also, N15.723 billion was distributed to relevant states as 13% mineral revenue.
The communiqué highlighted that Import and Excise Duties, as well as Electronic Money Transfer Levy (EMTL), increased significantly while Value Added Tax (VAT) experienced a marginal increase. However, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas Royalties recorded substantial decreases.
