SWITZERLAND, AUGUST 20 – The Federation Account Allocation Committee (FAAC) has distributed a total of N676.407 billion revenue for July 2020 to the federal, state, and local governments as well as relevant agencies in the country.
This was disclosed after the monthly Federation Account Allocation Committee (FAAC) meeting for August 2020 through virtual conferencing, and chaired by the Permanent Secretary, Federal Ministry of Finance, Budget, and National Planning, Dr. Mahmud Isa-Dutse.
According to a communique issued by FAAC at the end of the meeting, the gross statutory revenue of N543.788 billion was received for the month of July 2020.
This was higher than the N524.526 billion received in the previous month (June) by N19.262 billion.
The gross revenue available from the Value Added Tax (VAT) was N132.619 billion as against N128.826 billion in the preceding month, resulting in an increase of N3.793 billion.
From the total distributable revenue of N676.407 billion, the federal government received N273.189 billion, states got N190.849 billion, while the local government councils received N142.761 billion.
Similarly, oil producing states received N42.851 billion as 13 per cent derivation revenue, while two sub-heads, including cost of collection and transfers to relevant agencies accounted for an allocation of N26.757 billion.
From the gross statutory revenue of N543.788 billion, the federal government received N254.688 billion, state governments, N129.181 billion and the local government councils, N99.593 billion.
The sum of N42.851 billion was given to the relevant states as 13 per cent derivation revenue and N17.474 billion was the collective total for cost of revenue collection by revenue agencies.
The federal government also received N18.500 billion from the Value Added Tax (VAT) revenue of N132.619 billion, state governments received N61.668 billion, local government councils got N43.168 billion, while cost of revenue collection and transfers collectively got an allocation of N9.283 billion.
Further details of the reference month showed that 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 at August 19, 2020 stood $72.408 million, the communique said.