Ameenah Gusanu
The Federation Account Allocation Committee (FAAC) has disbursed a total of N966.110 billion to the Federal Government, State Governments, and Local Government Councils as part of the July 2023 Federation Account Revenue sharing.
According to a communiqué issued at the conclusion of the August 2023 FAAC meeting, the distribution was as follows: the Federal Government received N374.485 billion, State Governments received N310.670 billion, and Local Government Councils received N229.409 billion.
A notable portion of N51.545 billion was also allocated to the relevant States as 13% derivation revenue.
The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, marked an important event in fiscal governance.
The N966.110 billion distributed revenue comprised N397.419 billion in distributable statutory revenue, N271.947 billion in distributable Value Added Tax (VAT) revenue, N12.840 billion from the Electronic Money Transfer Levy (EMTL), and N283.904 billion from Exchange Difference revenue.
Subtracting deductions, a total of N62.419 billion was reserved for the cost of collection, while N717.962 billion was earmarked for savings, transfers, refunds, and tax credit cancellations.
The balance in the Excess Crude Account (ECA) stood at $473,754.57, contributing to the broader financial landscape.
Gross statutory revenue for July 2023 reached N1,150.424 billion, representing a slight decrease of N2.497 billion compared to June 2023’s revenue of N1,152.921 billion.
From the N397.419 billion distributable statutory revenue, the Federal Government received N190.489 billion, State Governments obtained N96.619 billion, and Local Government Councils received N74.489 billion. Additionally, N35.822 billion was directed to relevant States as 13% derivation revenue.
VAT revenue showcased an upward trend, with N298.789 billion generated in July 2023, surpassing June 2023’s N293.411 billion by N5.378 billion.
In this domain, the Federal Government received N40.792 billion, State Governments acquired N135.974 billion, and Local Government Councils received N95.181 billion.
The Electronic Money Transfer Levy (EMTL) of N12.840 billion was allocated as follows: N1.926 billion for the Federal Government, N6.420 billion for State Governments, and N4.494 billion for Local Government Councils.
Exchange Difference revenue of N283.904 billion led to allocations of N141.278 billion for the Federal Government, N71.658 billion for State Governments, N55.245 billion for Local Government Councils, and N15.723 billion for relevant States as 13% mineral revenue.
The FAAC communiqué highlighted significant increases in Import and Excise Duties and Electronic Money Transfer Levy (EMTL), while VAT demonstrated a modest increase.
However, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas Royalties witnessed substantial declines.
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