The Federal Government, States, and Local Government Councils have each received a total sum of N954.085 billion in Federation Account Revenue from the Federation Account Allocation Committee (FAAC).
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This was stated in a communiqué that was released yesterday, August 24, 2022, following the FAAC meeting in Abuja.
The committee estimates that the N954.085 billion total distributable revenue was made up of N776.918 billion in distributable statutory income and N177.167 billion in distributable Value Added Tax (VAT) revenue.
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The Federal Inland Revenue Service and the Nigeria Customs Service each collected N47.254 billion as collection costs, with a total of N255.762 billion deducted for transfers, savings, and refunds.
The balance in the Excess Crude Account (ECA) stood at $470,599.54
Out of the N954.085 billion, the Federal Government received N406.610 billion, the State Governments N281.342 billion, while the Local Government Councils received N210.617 billion.
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The sum of N55.515 billion was shared to nine oil producing states as 13% derivation revenue.
Details of the revenue put gross statutory revenue at N1. 066 trillion for the month of July 2022.
The revenue in the period under review was higher than the sum of N1. 02 trllion received in the previous month by N54.780 billion.
In the month of July 2022, the gross revenue available from the Value Added Tax (VAT) was N190.256 billion. This was lower than the N208.148 billion available in the month of June 2022 by N17.892 billion.
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From the N177.167 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.575 billion, the State Governments received N88.584 billion and the Local Government Councils received N62.008 billion.
The FAAC said that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases, while Import Duty and Value Added Tax (VAT) decreased considerably.
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