The Federation Account Allocation Committee (FAAC) at its meeting yesterday shared the total sum of N954.085 billion to the three tiers of government as federal allocation for the month of July, 2022.
The spokesman for FAAC, Mr. Phil Abiamuwe-Mowete, disclosed this in a statement.
He said from the amount which included gross statutory revenue and value added tax, the federal government received N406.61 billion, states, N281.342 billion, local government areas, N210.617 billion and oil producing states, N55.52 billion as derivation (13 per cent of mineral revenue).
The allocation for July showed an increase of 18.95 per cent compared to the N802 billion allocation shared among the three tiers in June.
FAAC also disclosed that the gross revenue available from the VAT for July 2022 was N177.167 billion which, according to it, was a decrease distributed in the preceding month.
The VAT distribution showed that federal government received N26.575 billion, states, N88.584 billion and local government areas, N62.008 billion.
Accordingly, the gross statutory revenue of N776.918 billion distributed was higher than the sum received in the previous month, from which the federal government was allocated N380.035 billion; states, N192.759 billion; local governments, N148.609 billion, and oil derivation (13 per cent mineral revenue), N55.515 billion.
It was further stated that company income tax and petroleum profit tax, excise duties and oil and gas royalties recorded significant increases, while import duty and VAT decreased considerably.
It was further disclosed that total revenue distributable for the period under review was drawn from statutory revenue of N776.918 billion and VAT of N177.167 billion bringing the total distributable for the month to N954.085 billion.
However, the balance in the excess crude account as of August 24, 2022 stood at $470,599.54.
