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More funds from coys, petrol taxes as govts share N802bn June revenue

There was more contribution from Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) for the N802.407 billion June revenue shared by the federal, state…

There was more contribution from Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) for the N802.407 billion June revenue shared by the federal, state and local governments this week.

According to a communique issued by the Federation Account Allocation Committee (FAAC) at the end of its meeting, while the contribution of CIT and PPT increased significantly, import duty and oil and gas royalties increased marginally; excise duties decreased significantly, while VAT decreased marginally.

The amount shared is also inclusive of Gross Statutory Revenue and Value Added Tax (VAT).

The federal government received N321.859bn, states N245.418bn, LGs N182.330bn, while the oil producing states received N52.799bn as derivation (13 per cent of mineral revenue).

The communiqué indicated that VAT was N193.827bn from which FG got N29.074bn, states received N96.914bn and LGs got N67.839bn.

From the N608.580bn gross statutory revenue, FG had N292.785bn, states N148.505bn, LGs N114.491bn and oil derivation was N52.799bn.

The balance in the Excess Crude Account (ECA) as at July 26, 2022, stood at $376,655.09 million.