Abdulwahab Isa, Abuja
Higher statutory revenue to the tune of N1.066.845 billion in July boosted grand total revenue available for sharing to the three tiers of governments to N1,066.845 billion.
The statutory revenue was higher than the sum of N1.012.065 billion received in the previous month by N54.780 billion.
The figures were arrived at after the mandatory deductions were affected as cost of collection by the respective revenue collecting agencies estimated at N47.254 billion, total deductions for transfers, savings and refunds put at N255.762 billion respectively.
The N954.085 billion distributable revenue comprised distributable statutory revenue of N776.918 billion and distributable Value Added Tax (VAT) revenue of N177.167 billion.
These came to light Wednesday in Abuja at Federation Account Allocation Committee (FAAC).
Breakdown of allocation made available showed that of N954.085 billion, Federal Government received N406.610 billion, the state governments received N281.342 billion and the Local Government Councils received N210.617 billion.
The sum of N55.515 billion was shared to the relevant states as 13% derivation revenue. The balance in the Excess Crude Account (ECA) stood at $470,599.54. In the month of July 2022, the gross revenue available from the Value Added Tax (VAT) was N190.256 billion.
This was lower than the N208.148 billion available in the month of June 2022 by N17.892 billion. From the N177.167 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.575 billion, the state governments received N88.584 billion and the Local Government Councils received N62.008 billion. FAAC said Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases, while Import Duty and Value Added Tax (VAT) decreased considerably.
