Govts share N676.4bn for July, revenue rises by N23bn | Dailytrust

Govts share N676.4bn for July, revenue rises by N23bn

Federation Accounts Allocation Committee

The Federation Accounts Allocation Committee (FAAC) has shared the sum of N676.407 billion among the three tiers of government, as federation allocation for July 2020.

This is N23.1bn higher than in June 2020 when N653.35bn revenue was shared, analysis of a communiqué from the Federal Ministry of Finance, Budget and National Planning shows.

The latest revenue was approved at the FAAC virtual meeting chaired by the Permanent Secretary, Dr. Mahmoud Isa-Dutse.

According to the breakdown, the Federal Government received N273.2bn inclusive of Value Added Tax (VAT). States got N190.85bn, the local government councils got N142.761bn, while the oil-producing states received N42.85bn as derivation (13% of Mineral Revenue); the Cost of Collection/Transfer and Refund got N26.8bn.

The Gross Revenue available from the Value Added Tax (VAT) for July 2020 was N132.62bn against N128.62bn distributed in the preceding month of June 2020, resulting in an increase in N3.8bn.

The distribution is as follows; the federal government got N18.5bn, the states received N61.7bn, local government councils got N43.168bn, while cost of collection/transfer and refund got N9.3bn.

The distributed Statutory Revenue of  N543.8bn received for the month was higher than the N524.5bn received for the previous month by N19.26bn, which the federal government received N254.7bn, states got N129.2bn, LGCs got N99.6bn, Derivation (13% Mineral Revenue) got N42.85bn and Cost of Collection/ Transfer and Refund got N17.47bn.

The communiqué also revealed that Oil and Gas Royalty, Petroleum Profit Tax (PPT), and Value Added Tax (VAT) increased considerably, while Companies Income Tax (CIT), Import and Excise Duty recorded decreased.

The balance in the Excess Crude Account (ECA) as at 19th August, 2020, was $72.408 million.