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FAAC for July 2022: Federal, States, Local Govts to share N802.4 (SEE SHARING FORMULA)

FAAC Releases Monthly (July) Allocations To FG, States, LGs - SEE SHARING FORMULAR
FAAC Releases Monthly (July) Allocations To FG, States, LGs - SEE SHARING FORMULAR

The Federation Account Allocation Committee (FAAC) has released the sum of N802.4 billion to the Federal Government, States and Local Government Councils for the month of July 2022.

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The funds represented Federation Revenue earned in the month of June, to be used for expenditure in the month of July.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting, in Abuja.

The N802.407 billion total distributable revenue comprised distributable statutory revenue of N608.580 billion and distributable Value Added Tax (VAT) revenue of N193.827 billion.

Total deductions for cost of collection paid to the Federal Inland Revenue Service (FIRS) and Nigeria Customs Servoce stood at N44.606 billion.

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Similarly, deductions for transfers, savings, refunds was a total sum of N373.200 billion.

The balance in the Excess Crude Account (ECA) was $376,655.09

The communiqué confirmed that from the total distributable revenue of N802.407 billion; the Federal Government received N321.859 billion, the State Governments, N245.418 billion; while Local Government Councils received N182.330 billion.

The sum of N52.799 billion was shared to the oil producing states as 13% derivation revenue. Gross statutory revenue of N1. 012 trillion was received for the month of June 2022. This was higher than the sum of N589.952 billion received in the previous month by N422.113 billion.

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From the N608.580 billion distributable statutory revenue, the Federal Government received N292.785 billion, the State Governments received N148.505 billion and the Local Government Councils received N114.491 billion.

In the month of June 2022, the gross revenue available from the Value Added Tax (VAT) was N208.148 billion.

This was lower than the N213.179 billion available in the month of May 2022 by N5.031 billion.

From the N193.827 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N29.074 billion, the State Governments received N96.914 billion and the Local Government Councils received N67.839 billion.

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According to the Communiqué, in the month of June 2022, Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) recorded tremendous increases, while Import Duty, Oil and Gas Royalties increased marginally.

Excise Duties decreased significantly while Value Added Tax (VAT) decreased.

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Written by Adesoji OMOSEBI

BSc Agric Science

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