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FAAC Allocates N760.7bn To FG, States,LGs


Ololade Omosan-Agie

The Federation Accounts Allocation Committee (FAAC) has shared a total of N760.717bn July 2021 revenue to the Federal, States and Local Governments Councils.  

This was contained in a communiqué issued at the end of the virtual meeting of FAAC for August 2021.

The N760.717bn total distributable revenue comprised distributable statutory revenue of N617.705bn; distributable Value Added Tax (VAT) revenue of N140.555bn and Exchange Gain of N2.457bn.

In July 2021, the sum of N63.501bn was the total deductions for cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account (ECA) was $60.855m.   

The communiqué confirmed that from the total distributable revenue of N760.717bn; the Federal Government received N321.226bn, the State Governments received N222.514 billion, and the Local Government Councils received N166.562bn.

The sum of N50.415bn was shared to the relevant States as 13 per cent derivation revenue.

The distributable statutory revenue of N617.705bn was available for the month.

From this, the Federal Government received N299.004bn, the State Governments received N151.659bn and the Local Government Councils received N116.922bn.

The sum of N50.120bn was given to the relevant States as 13 per cent derivation revenue.

In the month of July 2021, the gross revenue available from the Value Added Tax (VAT) was N151.134bn.

This was lower than the N154.465bn available in the month of June by N3.331bn.

The sum of N4.534bn allocation to NEDC and N6.045bn cost of revenue collection were deducted from the N151.134bn gross Value Added Tax (VAT) revenue, resulting in the distributable Value Added Tax (VAT) revenue of N140.555bn.

From the N140.555bn distributable Value Added Tax (VAT) revenue, the Federal Government received N21.083bn, the State Governments received N70.278bn and the Local Government Councils received N49.194bn.

The Federal Government received N1.139bn from the total Exchange Gain revenue of N2.457bn. The State Governments receive N0.578bn, the Local Government Councils received N0.445bn and N0.295bn was given to the relevant States as 13 per cent derivation revenue.

According to the Communiqué, in the month of July 2021, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties recorded significant decreases while Value Added Tax (VAT) Import and Excise Duty decreased marginally.

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