The Federal Government, states, and local government councils have shared a total of N1.358 trillion for the month of July.
This was announced by the Federation Accounts Allocation Committee in a communique issued after its meeting on Friday in Abuja.
According to the communique, the N1.358 trillion distributable fund included N161.593 billion from statutory revenue, N582.307 billion from Value Added Tax, N18.818 billion from Electronic Money Transfer Levy, N581.710 billion from the exchange difference, and N13.647 billion from solid minerals revenue.
The total revenue available for July was N2.613 trillion. However, deductions for the cost of collection amounted to N99.756 billion, while total transfers, interventions, and refunds were N1.155 trillion.
“Gross statutory revenue of N1.387 trillion was received for the month of July. This was lower than the N1.432 trillion received in June by N45.517 billion,” the communique stated.
It also noted that VAT revenue increased to N625.329 billion in July, higher than the N562.685 billion collected in June by N62.644 billion.
From the total N1.358 trillion distributable revenue, the Federal Government received N431.079 billion, the state governments received N473.477 billion, and the local government councils received N343.703 billion.
Additionally, N109.816 billion, representing 13% of mineral revenue, was distributed to the oil-producing states as derivation revenue.
Of the N161.593 billion statutory revenue, the Federal Government received N58.545 billion, the state governments received N29.695 billion, and the local government councils received N22.894 billion.
A sum of N50.459 billion was also shared with the oil-producing states as derivation revenue.
The communique highlighted that in July, there was a significant increase in Oil and Gas Royalty, Petroleum Profit Tax, VAT, Import Duty, EMTL, and CET Levies.
However, Companies Income Tax saw a decrease, while Excise Duties increased only slightly.
“The balance in the Excess Crude Account is 473,754 dollars,” the communique added.
