EconomyMoneyNewsFAAC Allocates N760.7 Billion to FG, States, LGs for July

https://www.westafricanpilotnews.com/wp-content/uploads/2021/08/Federation-Accounts-Allocation-Committee-FAAC-logo-1280x853.jpg

ABUJA — A sum of N760.717 billion has been shared by the Federal Accounts Allocation Committee (FAAC) as the federation allocation for the month of July.

Of the sum shared, N325.988 billion was allocated to the federal government, the states received N224.929 billion while the Local Government Councils got N168.424 billion.

The total amount shared was inclusive of Value Added Tax (VAT) and Exchange Gain.

The development was contained in a statement by Oshundun Olajide, Deputy Director (Information), Ministry of Finance, Budget and National Planning on Friday.

The communique issued by the committee indicated that the oil-producing states received N41.376 billion as derivation (13 per cent of Mineral Revenue).

Also, the Gross Revenue available from the VAT for July was N151.134 billion as against N154.465 billion distributed in June. This resulted in a decrease of N3.331 billion.

“The distribution is as follows; Federal Government got N21.083 billion, the States received N70.278 billion, Local Government Councils got N49.194 billion, Allocation to NEDC received N4.534 billion and Cost of collection/transfers/ refunds got N6.045 billion.

“The distributed Statutory Revenue of N601.095 billion received for the month was lower than the N812.409 billion received for the previous month by N211.314 billion, from which the Federal government received N303.765 billon, States got N154.074 billion, LGCs got N6118.785 billion, and Derivation (13 per cent Mineral Revenue) got N41.081 billion.”

The communique also revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties recorded significant decreases, while Import and Excise Duty, VAT decreased marginally.

Beloved John (Staff Writer)

Leave a Reply

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By : XYZScripts.com