FAAC Shares N966.11bn Revenue to FG, States, LGs in July, Up by 6.5%
The three tiers of government in Nigeria received N966.11bn from the Federation Account Allocation Committee (FAAC) for the month of July 2023. This amount represents a slight increase of N59.06bn from the N907.05bn shared in June 2023, and it is the highest allocation this year.
According to a statement by the Office of the Accountant General of the Federation, the FAAC meeting was chaired by the new Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who took over from the Accountant General of the Federation, Dr Oluwatoyin Madein.
The statement said that the N966.11bn total distributable revenue consisted of statutory revenue, Value Added Tax (VAT), electronic money transfer levies and exchange rate difference revenue.
The breakdown of the revenue showed that statutory revenue was N397.42bn, VAT was N271.95bn, electronic money transfer levy was N12.84bn and exchange rate difference revenue was N283.904bn.
The statement also gave details of how much each level of government received from the total distributable revenue. It said that the Federal Government got N374.49bn, the state governments got N310.67bn and the local government councils got N229.41bn. In addition, N51.55bn was allocated to the relevant states as 13 per cent derivation revenue from mineral resources.
The statement further revealed that statutory revenue decreased by N2.5bn from N1,150.42bn in June 2023 to N1,147.92bn in July 2023. From this amount, the Federal Government received N190.49bn, the state governments received N96.62bn, the local government councils received N74.49bn and N35.822 billion was shared to the relevant states as 13 per cent derivation revenue.
On the other hand, VAT revenue increased by N5.38bn from N293.41bn in June 2023 to N298.79bn in July 2023. From this amount, the Federal Government received N40.79bn, the state governments received N135.97bn and the local government councils received N95.18bn.
Similarly, electronic money transfer levy increased from N10.8bn in June 2023 to N12.84bn in July 2023. From this amount, the Federal Government received N1.93bn, the state governments received N6.42bn and the local government councils received N4.49bn.
Lastly, exchange rate difference revenue increased from N263.9bn in June 2023 to N283.9bn in July 2023. From this amount, the Federal Government received N141.28bn, the state governments received N71.66bn, the local government councils received N55.25bn and N15.72bn was shared to the relevant states as 13 per cent mineral revenue.
The statement also disclosed that import and excise duties and electronic money transfer levy recorded significant increases while VAT recorded a marginal increase in July 2023 compared to June 2023.
However, petroleum profit tax, companies income tax and oil and gas royalties recorded significant decreases in July 2023 compared to June 2023.
The statement also disclosed that after deducting cost of collection (N62.42bn), savings (N717.96), transfers (N717), refunds (N717) and tax credit cancellation (N717), the balance in the Excess Crude Account remained at $473,754.57.
In a separate statement by the Ministry of Finance, it was reported that Edun stressed the need for government to mobilise resources to deliver on its mandate to increase employment and reduce poverty.
He also advised that there should be discipline in money supply to control inflation in the nation’s economy.
Newsflash Nigeria is an online newspaper that is developed and written exclusively for Nigerians. It’s packed with up-to-the-minute Local and National Economy News, Share & Capital Market, Health, Sports, Education, Technology, Business and Opinions.
To make further advert enquiries or place an order, please contact us at [email protected] and +2348053316946 and WhatsApp number 08033546732
FOLLOW US ON GOOGLE
