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FAAC, revenue from oil

Nigeria’s three tiers of govt share ₦676.407 bln revenue in July

By on August 20, 2020 0 105 Views

Nigeria’s three tiers of government shared a total of ₦676.407 billion from the federation accounts as the portion of revenues generated from crude oil exports, taxes and other incomes for the month of July.

At the end of the monthly Federation Accounts Allocation Committee (FAAC) held through virtual conferencing, Mahmud Isa-Dutse, Permanent Secretary, Federal Ministry of Finance, announced the amount distributed to the federating units.

Foreign Exchange

He said the federation account received gross statutory revenue of ₦543.788 billion for July, compared with ₦524.526 billion received in the previous month.

According to him, gross revenue available from the Value Added Tax (VAT) stood at ₦132.619 billion as against ₦128.826 billion in June, indicating an increase of ₦3.793 billion.

The breakdown of the fund allocated showed that the federal government received ₦273.189 billion, states ₦190.849 billion while local governments received ₦142.761 billion.

A total of ₦42.851 billion was allocated to the Oil Producing States as 13 percent derivation revenue, while ₦26.757 billion was set aside as cost of collection and transfers to relevant Agencies.

The balance in the Excess Crude Account (ECA) as of August 19, 2020 rose marginally to $72.408 million from $72.407 the previous month.

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