Ndubuisi Francis in Abuja
A meeting of the Federation Accounts Allocation Committee (FAAC) ended in Abuja yesterday with a total of N769.523 billion shared among the three tiers of government, for the month of July 2019.
A communique issued by FAAC at the end of the meeting indicated that the N769.523 billion distributed, was slightly higher than the N762.597 billion shared for the month of June.
It included revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.
The gross statutory revenue for the month of July 2019 was N674.365 billion, higher than the N652.949 billion received in the previous month by N21.416 billion.
For the month of July, revenue from VAT was lower than what it was in the preceding month.
A gross revenue of N94.159 billion was available from VAT as against N108.631 billion distributed in the preceding month, resulting in a decrease of N14.472 billion.
Exchange Gain yielded total revenue of N0.999 billion.
From the total distributable revenue of N769.523 billion, the federal government received N299.799 billion, states– N190.381 billion while local government councils received N143.569 billion.
The oil-producing states received N42.917 billion as 13 per cent derivation revenue just as the revenue generating agencies received N92.857 billion as cost of revenue collection.
A breakdown of the distribution showed that from the gross statutory revenue of N674.365 billion, the federal government received N285.767 billion, the states received N144.945 billion, and local government councils, N111.746 billion, the oil producing states received N42.816 billion as 13 per cent derivation revenue.
The revenue collecting agencies received N89. 091 billion as cost of collection.
A breakdown of the distribution of the N94.159 billion VAT revenue showed the federal government getting N13. 559 billion states, N45.197 billion; local councils, N31.638 billion; and the revenue generating agencies–N3.766 billion.
Meanwhile, the balance in the Excess Crude Account (ECA) stood at $274.407 million as at August 22, 2019, an increase $163.203 over the balance as at July 25, 2019.