FAAC
FAAC shares N966bn among FG, States, LGs
The Federation Account Allocation Committee (FAAC) has a total of N966.110 billion for July revenue to the Federal Government, States and Local Councils.
A communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting , in Abuja, Tuesday, disclosed this.
The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is his first in the position.
The N966.110 billion total distributable revenue comprised statutory revenue of N397.419 billion, Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion and Exchange Difference revenue of N283.904 billion.
Cost of collection was allocated N62.419 billion, while deductions for savings, transfers, refunds and tax credit cancellation stood at N717.962 billion.
The balance in the Excess Crude Account (ECA) was put at $473,754.57
The communiqué stated that from the total distributable revenue of N966.110 billion; the Federal Government received N374.485 billion, the State Governments received N310.670 billion and the Local Government Councils received N229.409 billion.
The sum of N51.545 billion was shared to the oil producing states as 13% derivation revenue.
Gross statutory revenue of N1. 150 trillion was received for the month of July.