The Federation Account Allocation Committee, FAAC, says it shared N966.11bn among the three tiers of government for July 2023.
The figure represents a marginal increase of N59.06bn compared to the N907.05bn shared for June 2023, and it is the highest this year.
FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Tuesday, according to a statement by the Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mowa.
The meeting was chaired by the new Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Previously, it was chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.
The total amount includes gross statutory revenue, Value Added Tax, and electronic money transfer levies and exchange rate difference revenue.
The communiqué read in part, “The N966.11bn total distributable revenue comprised distributable statutory revenue of N397.42bn, distributable Value Added Tax revenue of N271.95bn, Electronic Money Transfer Levy revenue of N12.84bn and Exchange Difference revenue of N283.904bn.
“A breakdown of how much each level of government got showed that, “from the total distributable revenue of N966.11bn; the Federal Government received N374.49bn, the state governments received N310.67bn and the Local Government Councils received N229.41bn. A total sum of N51.55bn was shared to the relevant States as 13 per cent derivation revenue.”
The communique further disclosed that gross statutory revenue of N1,150.42bn was received for the month of July 2023, which was lower than the sum of N1,152.92bn received in the month of June 2023 by N2.5bn.
It was also disclosed that from the N397.42bn distributable statutory revenue, the Federal Government got N190.49bn, the State Governments got N96.62bn and the Local Government Councils got N74.49bn, while N35.822 billion was shared to the relevant States as 13 per cent derivation revenue.
Also, the gross revenue available from VAT was N298.79bn, which was higher than the N293.41bn available in the month of June 2023 by N5.38bn.
From the VAT revenue, the Federal Government got N40.79bn, the State Governments got N135.97bn and the Local Government Councils received N95.18bn.
Also, from the N12.84bn Electronic Money Transfer Levy, the Federal Government got N1.93bn, the State Governments got N6.42bn and the Local Government Councils received N4.49bn.
Lastly, from the N283.9bn Exchange Difference revenue, the Federal Government got N141.28bn, the State Governments received N71.66bn, the Local Government Councils received N55.25bn and N15.72bn was shared to the relevant States as 13 per cent mineral revenue.
The communiqué further disclosed that Import and Excise Duties and Electronic Money Transfer Levy increased considerably while Value Added Tax increased marginally.
However, Petroleum Profit Tax, Companies Income Tax and Oil and Gas Royalties recorded significant decreases.
It was also disclosed that N62.42bn was deducted as cost of collection, while N717.96bn was deducted for savings, transfers, refunds and tax credit cancellation.
The balance in the Excess Crude Account was maintained at $473,754.57.
In a separate statement by the Director, Press and Public Relations of the Ministry of Finance, Stephen Kilebi, it was disclosed that Edun noted that there was the need for government to mobilise resources to deliver on its mandate to increase employment and reduce poverty.
The statement added, “Mr Edun advised that there should be discipline in money supply to control inflation in the nation’s economy.”
The statement added, “Mr Edun advised that there should be discipline in money supply to control inflation in the nation’s economy.”
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
