The Federation Accounts Allocation Committee (FAAC) has shared a total of ₦676.407 billion for July 2020 to the Federal, State, Local governments and relevant agencies in the country.
This was made known after the monthly Federation Account Allocation Committee (FAAC) meeting for August 2020 held through virtual conferencing; chaired by Dr. Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance.
The gross statutory revenue of ₦543.788 billion was received for the month of July 2020. This was higher than the ₦524.526 billion received in the previous month by ₦19.262 billion.
Gross revenue available from the Value Added Tax (VAT) was ₦132.619 billion as against ₦128.826 billion available in the preceding month, resulting in an increase of ₦3.793 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that from the total distributable revenue of ₦676.407 billion; the Federal Government received ₦273.189 billion, the State Governments received ₦190.849 billion and the Local Government Councils received ₦142.761 billion.
Oil Producing States received ₦42.851 billion as 13% derivation revenue, while two sub-heads namely: cost of collection and transfers to relevant Agencies collectively had an allocation of ₦26.757 billion.
The Federal Government received ₦254.688 billion from the gross statutory revenue of ₦543.788 billion; the State Governments received ₦129.181 billion and the Local Government Councils received ₦99.593 billion.
₦42.851 billion was given to the relevant States as a 13% derivation revenue and ₦17.474 billion was the collective total for the cost of revenue collection by revenue agencies.
The Federal Government received ₦18.500 billion from the Value Added Tax (VAT) revenue of ₦132.619 billion. The State Governments received ₦61.668 billion; the Local Government Councils received ₦43.168 billion, while the cost of revenue collection and transfers collectively had a revenue allocation of ₦9.283 billion.
The Communiqué stated that in the month of July 2020, Oil and Gas Royalty, Petroleum Profit Tax (PPT) and Value Added Tax (VAT) increased considerably while Companies Income Tax (CIT), Import and Excise Duty recorded decreases.
The balance in the Excess Crude Account (ECA) as of 19th August 2020 grew by $1 million to $72.408 million from $72.407 the previous month.