FAAC shares N769.5bn for July to FG, states, LGs

At its August meeting on Thursday, Federation Accounts Allocation Committee (FAAC) shared a total of N769.523 billion to the three tiers of government for the month of July 2019.

According to a communique issued at the end of the meeting, the amount comprised revenue from value added tax (VAT), exchange gain and gross statutory revenue.

Gross statutory revenue for the month of July 2019 was N674.365 billion. It was higher than the N652.949 billion received in the previous month by N21.416 billion.

At N94.159 VAT revenue for the month was lower than the preceding month which was N108.631 indicating a decrease of N14.472 billion.

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Exchange Gain yielded a total revenue of N0.999 billion.

A communique issued by the Federation Account Allocation Committee (FAAC) confirmed that from the total revenue of N769.523 billion, the Federal Government received N299.799 billion, the states received N190.381 billion, and the local government councils received N143.569 billion.

Oil producing states received N42.917 billion as 13% derivation revenue while Department of Petroleum Resources (DPR), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) received N92.857 billion as cost of revenue collection.

Federal Government received N285.767 billion, states received N144.945 billion and local councils received N111.746 billion of the N674.365 billion statutory revenue.

Also from the N94.159 billion VAT revenue, Federal Government received N13.559 billion, states received N45.197 billion and the 774 local government councils received N31.638 billion while 0and the revenue generating agencies received N3.766 billion.

Meanwhile, balance in the excess crude account as at Thursday was $274.407 million.