The Federation Account Allocation Committee (FAAC), at its meeting chaired by Minister of Finance and the Co-ordinating Minister of the Economy, Mr. Wale Edun on Tuesday in Abuja shared a total sum of N966.110 billion to the three tiers of government as Federation Allocation for the month of July, 2023.
The Federal Government received N374.485 billion, the states received N310.670 billion, the local government councils got N229.409 billion, while the oil producing states received N51.545 billion as derivation, (13% of mineral revenue), a statement by Stephen Kilebi, Director, Press and Public Relations at the ministry of Finance said.
“The communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for July 2023, was N298.789 billion, which was an increase from the N293.411billion distributed in the preceding month, resulting in an increase of N5.378 billion.
“From that amount, the sum of N11.681 billion was allocated for costs of collection and the sum of N15.161 billion given for savings, transfers and refunds. The remaining sum of N271.947 billion was distributed to the three tiers of government of which the federal government got N40.792 billion, the states received N135.974 billion, local government councils got N95.181 billion.
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Accordingly, the gross statutory revenue of N1150.424 billion received for the month was lower than the sum of N1152.921 billion received in the previous month of June, 2023 by N2.497 billion. From that amount, the sum of N50.203 billion was allocated for costs of collection and a total sum of N702.801 billion for savings, transfers and refunds,” the statement further explained.
It added that the balance in the Excess Crude Account (ECA) as at August 22, 2023 stands at $473,754.57.
