FG, States, LGCs Share N676.407bn Revenue For July
The Federation Accounts Allocation Committee (FAAC) has shared the sum of N676.407bn to the three tiers of government, as federation allocation for the month of July, 2020.
A statement by Hassan Dodo, the Director Information, said the amount was approved at the FAAC virtual meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa- Dutse.
The breakdown showed that, from this amount, inclusive of VAT, the Federal Government received N273.189bn, the States received N190.849bn, the Local Government councils got N142.761bn while the oil producing states received N42.851 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refund got N26.757 billion.
The communique further indicated that the Gross Revenue available from the Value Added Tax (VAT) for July, 2020 was N132.619bn against N128.619bn distributed in the preceding month of June, 2020, resulting in an increase of N3.793bn.
The distribution is as follows; Federal Government got N18.500bn, the States received N61.668bn, Local Government Councils got N43.168bn, while cost of collection/transfer and refund got N9.283bn.
The distributed Statutory Revenue of N543.788bn received for the month was higher than the N524.526bn received for the previous month by N19.262bn, which the Federal government received N254.688bn, States got N129.181bn, LGCs got N99.593bn, Derivation (13% Mineral Revenue) got N42.851bn and Cost of Collection/ Transfer and Refund got N17.474bn.
The communique also revealed that Oil and Gas Royalty, Petroleum Profit Tax (PPT), and Value Added Tax (VAT) increased considerably, while Companies Income Tax (CIT), Import and Excise Duty recorded decreases. (By Daily Trust)