The Federation Account Allocation Committee (FAAC) has distributed N966.110 billion to the Federal Government, States, and Local Government Councils as July 2023 Federation Account Revenue.
This was said at the conclusion of the FAAC meeting for August 2023, which was presided over by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
The N966.110 billion total distributable revenue, according to Bawa Mokwa, director of press and public relations for the Office of the Accountant General of the Federation, was made up of distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, distributable Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion, and distributable Exchange Difference revenue of N283.904 billion.
The entire deductions for cost of collection in July 2023 were N62.419 billion, and the total deductions for transfers, refunds, and cancellation of tax credits were N717.962 billion.
The complete statement is below.…………..
OFFICE OF THE FEDERATION’S ACCOUNTANT GENERAL
Press Statement
22 August 2023, Tuesday
FAAC SHARE JULY 2023 REVENUE TO FG, STATES AND LGCs OF N966.10 BILLION
The Federal Government, States, and Local Government Councils have each received a total of N966.110 billion in July 2023 Federation Account Revenue from the Federation Account Allocation Committee (FAAC).
This information was included in a statement made public during the August 2023 meeting of the Federation Account Allocation Committee (FAAC).
Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, presided over the meeting.
The entire distributable revenue of N966.110 billion was made up of N397.419 billion in distributable statutory income, N271.947 billion in distributable Value Added Tax (VAT), N12.840 billion in distributable Electronic Money Transfer Levy (EMTL), and N283.904 billion in distributable Exchange Difference revenue.
The entire deductions for cost of collection in July 2023 were N62.419 billion, and the total deductions for transfers, refunds, and cancellation of tax credits were N717.962 billion.
The Excess Crude Account (ECA) has a balance of $473,754.57.
According to the communiqué, the Federal Government received N374.485 billion from the total distributable revenue of N966.110 billion, the State Governments received N310.670 billion, and the Local Government Councils received N229.409 billion. The relevant States received a total of N51.545 billion as a 13% derivation of revenue.
For the month of July 2023, gross statutory income of N1150.424 billion was received. This was N2.497 billion less than the total of N1152.921 billion that was received in June 2023.
The Federal Government collected N190.489 billion, the State Governments N96.619 billion, and the Local Government Councils N74.489 billion from the N397.419 billion distributable statutory revenue. As a 13% derivation income share, N35.822 billion was given to the relevant States.
Value Added Tax (VAT) gross receipts for the month of July 2023 were N298.789 trillion. This was N5.378 billion more than the N293.411 billion that was available in June 2023.
From the N271.947 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N40.792 billion, the State Governments N135.974 billion, and the Local Government Councils N95.181 billion.
The Federal Government collected N1.926 billion, the State Governments received N6.420 billion, and the Local Government Councils received N4.494 billion of the N12.840 billion Electronic Money Transfer Levy (EMTL).
The Federal Government received N141.278 billion from the N283.904 billion Exchange Difference revenue, while the State Governments received N71.658 billion, Local Government Councils received N55.245 billion, and a total of N15.723 billion was distributed to the relevant States as 13 percent mineral revenue.
The communiqué states that while Value Added Tax (VAT) increased only slightly in July 2023, Import and Excise Duties and the Electronic Money Transfer Levy (EMTL) both climbed significantly. Significant drops were seen in the Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas Royalties.
Bawa Mokwa
Director (Press and Public Relations)
