Politics

Wednesday, 23 August 2023 11:22

THE FEDERAL GOVERNMENT, STATES, AND LOCAL GOVERNMENT SHARED ALLOCATION

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The Federal Government, States, and Local Government Councils have received a total of N966.110 billion in July 2023 Federation Account Revenue from the Federation Account Allocation Committee (FAAC). This was said in a statement that was released following the FAAC meeting for the month of August. Wale Edun, the Coordinating Minister of the Economy and Minister of Finance presided over the meeting. The N966.110 billion in total distributable revenue was made up of N397.419 billion in statutory income, N271.947 billion in value-added tax revenue, N12.840 billion in electronic money transfer levy revenue, and N283.904 billion in exchange difference revenue. The entire deductions for the cost of collection in July 2023 were N62.419 billion, whereas the total deductions for transfers, refunds, and cancellation of tax credits were N717.962 billion.

 

Wale Edun

 

The Excess Crude Account (ECA) balance was listed in the communiqué as $473,754.57. The Federal Government collected N374.485 billion, the State Governments N310.670 billion, and the Local Government Councils N229.409 billion from the total income of N966.11 billion. The relevant States received a total of N51.545 billion as a part of their 13% derivation revenue. For the month of July 2023, the gross statutory income of N1.15 trillion was received. This was N2.497 billion less than the total of N1.152 trillion that was received in June 2023. The communiqué states that while Value Added Tax (VAT) increased only a little in July 2023, Import and Excise Duties and the Electronic Money Transfer Levy (EMTL) both climbed significantly. Oil and Gas Royalties, Companies' Income Tax, and Petroleum Profit Tax (PPT)

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