Wale EdunThe Federation Account Allocation Committee (FAAC) has actually shared the amount of N966.110 billion as Federation Account Revenue to the Federal Government, States and Local Councils for the month of July. This was included in a communiqué provided at the end of the FAAC conference chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja on Tuesday. The N966.110 billion overall distributable income consisted of statutory income of N397.419 billion, Value Added Tax (VAT) earnings of N271.947 billion, Electronic Money Transfer Levy (EMTL) income of N12.840 billion and Exchange Difference earnings of N283.904 billion. Expense of collection was designated N62.419 billion, while reductions for cost savings, transfers, refunds and tax credit cancellation stood at N717.962 billion. The balance in the Excess Crude Account (ECA) was put at $473,754.57 According to the communiqué, from the overall distributable income of N966.110 billion; the Federal Government got N374.485 billion, the State Governments got N310.670 billion and the Local Government Councils got N229.409 billion. The amount of N51.545 billion was shared to the oil producing states as 13% derivation earnings. Gross statutory earnings of N1. 150 trillion was gotten for the month of July. That figure was lower than the N1. 152 trillion gotten in the month of June by N2.497 billion. From the N397.419 billion distributable statutory profits, the Federal Government got N190.489 billion, the State Governments got N96.619 billion and the Local Government Councils got N74.489 billion. The amount of N35.822 billion was shared to the pertinent States as 13% derivation earnings. For the month of July, the gross earnings readily available from the Value Added Tax (VAT) was N298.789 billion. This was greater than the N293.411 billion readily available in the month of June 2023 by N5.378 billion. The Federal Government got N40.792 billion, the State Governments got N135.974 billion and the Local Government Councils got N95.181 billion from the N271.947 billion distributable Value Added Tax (VAT) profits. The N12.840 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government got N1.926 billion, the State Governments got N6.420 billion and the Local Government Councils got N4.494 billion. From the N283.904 billion Exchange Difference income, the Federal Government got N141.278 billion, the State Governments got N71.658 billion, the Local Government Councils got N55.245 billion and the amount of N15.723 billion was shared to the appropriate States as 13 percent mineral earnings. According to the communiqué suggested, in the month of July, Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased significantly while Value Added Tax (VAT) increased partially. It included that Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas Royalties tape-recorded substantial declines. News continues after this Advertisement
FG, states, LGs share N966bn as federal allotment for July
