By Victor Akaa, Abuja
The Federal Account Allocation Committee (FAAC) has shared to the Federal Government, States and Local Government Councils a sum total of N769.523 billion as federal allocation for the month of July 2019, the amount which is slightly higher when compared to the previous month, June 2019.
The breakdown of the said amount according to Mr. Hassan Dodo
(Press/PR) in the ministry indicates that, Federal Government received N299.799 billon, representing 52.68 per cent, States got N190.381 billion representing 26.72 per cent and Local government councils have gotten N143.569 billion, representing 20.60 per cent, while the oil producing states received N42.917 billion as 13 per cent derivation revenue.
However, cost of collection/Transfers/ FIRS, refund N92.857 billion.
A communique issued by the FAAC indicated that the Gross Revenue available from the Value Added Tax (VAT) for July 2019 was N94.159 billion when compared to the N108.631billion distributed in the previous month June resulting in a decrease of N14.472 billion.
The distributed Statutory Revenue of N674.365 billion received for the month was higher than the N652.949 billion received in the previous month by N21.416 billion.
According to the communique, revenues from Petroleum Profit Tax (PPT), Companies Income Tax ( CIT) and Value Added Tax (VAT) decreased significantly, while revenues from Royalties, Import and Excise duties decreased considerably.
However, the total revenue distributable for the current month, including VAT and Exchange Gain, is N769.523 billion.
Furthermore, the committee disclosed that as at July 21st, 2019, the Excess Crude Account (ECA) is $274.407m.