The Federation Account Allocation Committee (FAAC) has shared a total sum of N966.110bn July 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.

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

The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The N966.110bn total distributable revenue comprised statutory revenue of N397.419bn, Value Added Tax revenue of N271.947bn, Electronic Money Transfer Levy (EMTL) revenue of N12.840bn and Exchange Difference revenue of N283.904bn.

In July 2023, the total deductions for cost of collection was N62.419nn while total deductions for savings, transfers, refunds and tax credit cancellation was put at N717.962bn.

The communique put the balance in the Excess Crude Account (ECA) at $473,754.57

From the total revenue of N966.11bn; the Federal Government received N374.485bn, the State Governments received N310.670bn and the Local Government Councils received N229.409bn.

A total sum of N51.545bn was shared to the relevant States as 13 per cent derivation revenue.

Gross statutory revenue of N1.15trn was received for the month of July 2023. This was lower than the sum of N1.152trn received in the month of June 2023 by N2.497bn.

According to the communiqué, in the month of July 2023, Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably while Value Added Tax (VAT) increased marginally. Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas Royalties recorded significant decreases.