VAM News Update

THE Federation Account Allocation Committee (FAAC) has shared the sum of N966.110 billion July Federation Account Revenue to the Federal Government, States and Local Councils.

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

The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

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

According to the communiqué, 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.

That figure was lower than the N1. 152 trillion received in the month of June by N2.497 billion.

From the N397.419 billion distributable statutory revenue, the Federal Government received N190.489 billion, the State Governments received N96.619 billion and the Local Government Councils received N74.489 billion.

The sum of N35.822 billion was shared to the relevant States as 13% derivation revenue.

For the month of July, the gross revenue available from the Value Added Tax (VAT) was N298.789 billion. This was higher than the N293.411 billion available in the month of June 2023 by N5.378 billion.

The Federal Government received N40.792 billion, the State Governments received N135.974 billion and the Local Government Councils received N95.181 billion from the N271.947 billion distributable Value Added Tax (VAT) revenue.

The N12.840 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.926 billion, the State Governments received N6.420 billion and the Local Government Councils received N4.494 billion.

From the N283.904 billion Exchange Difference revenue, the Federal Government received N141.278 billion, the State Governments received N71.658 billion, the Local Government Councils received N55.245 billion and the sum of N15.723 billion was shared to the relevant States as 13 percent mineral revenue.

The communiqué indicated that in the month of July, Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably while Value Added Tax (VAT) increased marginally.

It added that Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas Royalties recorded significant decreases.