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Reading: FAAC shares ₦954.085 billion to federal government, states, local councils for July 2022
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Finance

FAAC shares ₦954.085 billion to federal government, states, local councils for July 2022

The Federal Government, States, and Local Government Councils received a total of ₦954.085 billion in July 2022 Federation Account Revenue f...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief August 25, 2022
Updated August 25, 2022 at 9:53 AM
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FAAC shares ₦954.085 billion to federal government, states, local councils for July 2022
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FAAC shares ₦954.085 billion to federal government, states, local councils for July 2022
The Federal Government, States, and Local Government Councils received a total of ₦954.085 billion in July 2022 Federation Account Revenue from the Federation Account Allocation Committee (FAAC).

This information was included in a statement following today's Federation Account Allocation Committee (FAAC) meeting in Abuja.

The entire distributable revenue of 954.085 billion comprised distributable Value Added Tax (VAT) revenue of ₦177.167 billion and distributable Statutory Revenue of ₦776.918 billion.

Deductions for transfers, savings, and refunds totaled ₦255.762 billion in July 2022, while deductions for the cost of collection totaled ₦47.254 billion.

The Excess Crude Account (ECA) has a balance of $470,599.54.

The communiqué confirmed that from the total distributable revenue of ₦954.085 billion; the Federal Government received ₦406.610 billion, the State Governments received ₦281.342 billion, and the Local Government Councils received ₦210.617 billion. The sum of ₦55.515 billion was shared with the relevant States as 13% derivation revenue.

Gross statutory revenue of ₦1,066.845 billion was received for July 2022. This was higher than the sum of ₦1,012.065 billion received in the previous month by ₦54.780 billion.

From the ₦776.918 billion distributable statutory revenue, the Federal Government received ₦380.035 billion, the State Governments received ₦192.759 billion, and the Local Government Councils received ₦148.609 billion. The sum of ₦55.515 billion was shared with the relevant States as 13% derivation revenue.

In July 2022, the gross revenue from the Value Added Tax (VAT) was ₦190.256 billion. This was lower than the ₦208.148 billion available in June 2022 by ₦17.892 billion.

From the ₦177.167 billion distributable Value Added Tax (VAT) revenue, the Federal Government received ₦26.575 billion, the State Governments received ₦88.584 billion, and the Local Government Councils received ₦62.008 billion.

According to the Communiqué, in July 2022, 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.
Tags: Finance

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