The Federation Accounts Allocation Committee (FAAC) approved the disbursement of N676.407 billion for July 2020 to the federal, states and local government councils as well as relevant agencies in the country.
The Permanent Secretary, Federal Ministry of Finance, Mahmud Isa-Dutse, disclosed this during the virtual FAAC meeting for August, according to a communiqué shared on Sunday.
He said a gross statutory revenue of N543.788 billion was received for July 2020. This was higher than the N524.526 billion received in the previous month by N19.262 billion.
The gross revenue available from the Value Added Tax (VAT) was N132.619 billion as against N128.826 billion available in the preceeding month, resulting in an increase of N3.793 billion.
According to the communiqué, from the total distributable revenue of N676.407 billion, the federal government received N273.189 billion, the state governments received N190.849 billion and the local government councils received N142.761 billion.
Also, the oil producing states received N42.851 billion as 13 per cent derivation revenue, while two sub-heads – cost of collection and transfers to relevant agencies – had allocation of N26.757 billion.
“The Federal Government received N254.688 billion from the gross statutory revenue of N543.788 billion; the State Governments received N129.181 billion and the Local Government Councils received N99.593 billion,” it said .
“N42.851 billion was given to the relevant States as 13 per cent derivation revenue and N17.474 billion was the collective total for cost of revenue collection by revenue agencies,” it added.
The federal government received N18.500 billion from the Value Added Tax (VAT) revenue of N132.619 billion. The state governments received N61.668 billion, the local government councils received N43.168 billion, while cost of revenue collection and transfers collectively had a revenue allocation of N9.283 billion.
The communiqué said in the month of July 2020, Oil and Gas Royalty, Petroleum Profit Tax (PPT) and Value Added Tax (VAT) increased considerably while Companies Income Tax (CIT), and Import and Excise Duty recorded decreases.
The balance in the Excess Crude Account (ECA) as of August 19, 2020 was $72.408 million.