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FAAC: FG, states, LGs share N954bn

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FAACThe Federation Account Allocation Committee, on Wednesday, said it shared N954.09n to the three tiers of government, as allocation for July, 2022.

This was contained in a communiqué signed by the Director of Information/Press, FAAC, Phil Abiamuwe-Mowete.

He said from the amount which included, Gross Statutory Revenue and Value Added Tax, the Federal Government received N406.61bn, states received N281.34bn, Local Government Councils got N210.62bn, while the oil producing states received N55.515bn as derivation (13 per cent of mineral revenue).

The communiqué also indicated that the gross revenue available from VAT for July 2022 was N177.167bn which is a decrease distributed in the preceding month.

The communiqué read in part, “From this stated amount, inclusive of gross statutory revenue and Value Added Tax, the Federal Government received N406.61bn, states received N281.342bn, Local Government Councils got N210.617bn, while the oil producing states received N55.52bn as derivation (13 percent of mineral revenue).

The gross revenue available from the VAT for July 2022 was N177.167bn which is a decrease distributed in the preceding month. The distribution is as follows; Federal Government got N26.575bn, the states received N88.584bn, Local Government Councils got N62.008bn.”

The communiqué said that the gross statutory revenue of N776.918bn distributed was higher than the sum received in the previous month, from which the Federal Government was allocated the sum of N380.035bn, states got N192.76bn, LGCs got N148.61bn, and oil derivation (13 per cent mineral revenue) got N55.515bn.

According to the communiqué, “Companies Income Tax) and Petroleum Profit Tax, Excise Duties and Oil and Gas Royalties recorded significant increases, while import duty and VAT decreased considerably.

The total revenue distributable for the current month of July was drawn from statutory revenue of N776.92bn and VAT of N177.17bn bringing the total distributable for the month to N954.09bn”

It added that the balance in the Excess Crude Account, as of 24 August, 2022 stood at $470,599.

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