As FG, states, LGAs share N966.1bn from N1.74trn
The minister of finance and coordinating minister of the economy, Mr Wale Edun said Nigeria’s excess crude account (ECA) balance as of August 22, 2023, was $473,754.57.
The minister disclosed this at the monthly meeting of the Federation Account Allocation Committee (FAAC).
Edun who chaired the meeting said there was the need for the government to mobilise resources to deliver on its mandate to increase employment and reduce poverty.
Meanwhile, the federal government earned N1.74 trillion in July and shared N966.1 billion to the three tiers of government as allocation for that month
From the stated amount, inclusive of gross statutory revenue, value added tax (VAT), electronic money transfer levy and exchange difference, the federal government received N374.485 billion; states, N310.67 billion; local councils, N229.409 billion; and the oil-producing N51.545 billion (as 13 per cent of mineral revenue derivation).
FAAC said in a communiqué issued at the end of the meeting that gross revenue available from VAT for July 2023 was N298.789 billion, up from N293.411 billion distributed in the preceding month.
From that amount, N11.681 billion was allocated for costs of collection, and N15.161 billion given for savings, transfers and refunds.
The remaining N271.947 billion was distributed to the three tiers of government, of which the federal government got N40.792 billion; states received N135.974 billion and local councils had N95.181 billion.
The gross statutory revenue of N1150.424 billion received for the month was lower than the N1152.921 billion received in June, 2023 by N2.497 billion.
From that amount, N50.203 billion was allocated for costs of collection and N702.801 billion for savings, transfers and refunds.
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.
