TheCable

The federation account allocation committee (FAAC) says it shared N954.085 billion among the three tiers of government in July 2022.

The figure represents an increase of N151.678 compared to June’s allocation of N802.407 billion.

The committee disclosed this in a communiqué issued on Wednesday at the end of its August meeting in Abuja.

According to the communique, the federal government received N406.610 billion, states received N281.342 billion, and the local governments got N210.617 billion, including gross statutory revenue and value-added tax (VAT).

The communique added that the total revenue comprised N776.918 billion statutory revenue and N177.167 billion value-added tax (VAT) revenue.

The generated revenue for VAT shows a decrease compared to last month when it had N193.827. 

The distribution on value-added tax revealed that the federal government received N26.575 billion, states received N88.584 billion, and local governments received N62.008 billion.

On statutory revenue, the breakdown showed that the federal government received N380.035 billion, states got N192.759 billion, and local governments got N148.609 billion.

The oil-producing states received N55.515 billion as dedication and 13 percent mineral revenue.

It also added that companies’ income tax (CIT), petroleum profit tax (PPT), excise duties and oil and gas royalties significantly increased.

However, import duty and VAT decreased significantly.

The report said the balance in the excess crude account (ECA) as at August 24, 2022, stood at $470,599.54 million.

Last month, the ECA dropped from $35.37 million to $376,655.

In its explanation on the withdrawal from the ECA, the federal government said the $35 million was used as an advance payment to acquire offshore patrol vessels for security purposes.