Uche Usim, Abuja
Nigeria’s three tiers of government shared a total of N769.523 billion as July allocation of the Federation Accounts Allocation Committee (FAAC).
The figure comprised revenues from Value Added Tax (VAT), Exchange gain and Gross Statutory revenues. The committee announced that as at August 22, 2019, the balance in the Excess Crude Account was $274.407 million.
Out of the total revenue of N769.523 billion, the Federal Government received N299.799 billion, States got N190.381 billion, and the Local Government Councils received N143.569 billion. Also the Oil Producing States received N42.917 billion as 13 per cent derivation revenue, while the revenue generating agencies received N92.857 billion as cost of revenue collection.
A communique issued by the Federation Account Allocation Committee (FAAC) shows that the gross statutory revenue for the month of July 2019 was N674.365 billion. It was higher than the N652.949 billion received in the previous month by N21.416 billion.
For July, revenue from the Value Added Tax (VAT) was lower than what it was in the preceding month. A gross revenue of N94.159 billion was available from the Value Added Tax as against N108.631 billion distributed in the preceding month, resulting in a decrease of N14.472 billion. Exchange Gain yielded a total revenue of N0.999 billion.
From the N94.159 billion Value Added Tax (VAT) revenue, the Federal Government received N13. 559 billion, States received N45.197 billion, the Local Government Councils received N31.638 billion and the Revenue Generating Agencies received N3.766 billion.