PRESS RELEASE
The Federation Account Allocation Committee (FAAC), at its Meeting shared a total sum of N954.085 billion to the three tiers of government, as federation allocation for the month of July, 2022.
From this stated amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N406.610 billion, the States received N281.342 billion, the Local Government Councils got N210.617 billion, while the Oil producing states received N55.515 billion as derivation (13% of Mineral Revenue).
The communiqué issued by the Federation Account Allocation Committee (FAAC), at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for July 2022 was N177.167 billion which is a decrease distributed in the preceding month. The distribution is as follows; Federal Government got N26.575 billion, the States received N88.584 billion, Local Government Councils got 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 the sum of N380.035 billion, States got N192.759 billion, LGCs got N148.609 billion, and Oil Derivation (13% Mineral Revenue) got N55.515 billion.
The communiqué further revealed that Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases, while Import Duty and Value Added Tax (VAT) decreased considerably.
It was further disclosed that total revenue distributable for the current month of July was drawn from Statutory Revenue of N776.918 billion and Value Added Tax (VAT) of N177.167 billion bringing the total distributable for the month to N954.085 billion.
However, the balance in the Excess Crude Account (ECA), as at 24th August, 2022 stands at $470,599.54.
