Nigeria Shares N769.5bn Among Federal, States, LGs For July 2019

August 23, 2019

1030

Nigeria Shares N769.5bn Among Federal, States, LGs For July 2019

The Nigerian government has shared a total sum of N769.523 billion between the three tiers of government – federal, states and the 774 local government councils as revenue allocation in July.

A meeting of the Federation Accounts Allocation Committee (FAAC) approved the sharing yesterday in Abuja, during FAAC session, which had states’ commissioners for finance, auditor generals and representatives of revenue generating agencies in attendance.

The N769.523 billion comprised revenue from value added tax (VAT), exchange gain and gross statutory revenue.

The gross statutory revenue for the month of July 2019 was N674.365 billion. It was higher than the N652.949 billion received in the previous month by N21.416 billion.

For the month of July, revenue from VAT was lower than what it was in the preceding month.

Gross revenue of N94.159 billion was available from VAT as against N108.631 billion distributed in the preceding month, resulting in a decrease of N14.472 billion.

Exchange gain yielded total revenue of N0.999 billion.

A communique issued by FAAC confirmed that from the total revenue of N769.523 billion, the Federal Government received N299.799 billion, states received N190.381 billion and the local government councils shared N143.569 billion.

The oil producing states received N42.917 billion as 13 per cent derivation revenue and the revenue generating agencies received N92.857 billion as cost of revenue collection.

From the N94.159 billion VAT revenue, the Federal Government received N13.559 billion, the states received N45.197 billion, the local government councils received N31.638 billion and the revenue generating agencies received N3.766 billion.

From the statutory revenue, Federal Government received N285.767 billion, states received N144.945 billion and local councils received N111.746 billion of the N674.365 billion.

The balance in the excess crude account stood at $274.407 million as at 22nd August 2019.