The Federal, State, and Local Government Councils have each received a total of N954.085 billion from the Federation Account Allocation Committee (FAAC) for the month of July 2022 Federation Account Revenue.
This information may be found in a statement that was made public following the Federation Account Allocation Committee (FAAC) meeting on Wednesday in Abuja.
Total distributable revenue of N954.085 billion was made up of statutory income of N776.918 billion and revenue from value-added tax (VAT) of N177.167 billion.
The entire deductions for cost of collection in July 2022 were N47.254 billion, N255.762 billion for transfers, savings, and refunds, and N470.599.54 were left in the Excess Crude Account (ECA).
The communiqué states that out of the total N954.085 billion in distributable revenue, N406.610 billion went to the federal government, N281.342 billion to state governments, N210.617 billion to local government councils, and N55.515 billion went to the relevant States as 13% of the derivation revenue.
The gross statutory revenue collected for the month of July 2022 was N1,066.845 billion, which was N54.780 billion more than the N1,012.065 billion collected for the month of June 2022.
The Federal Government received N380.035 billion from the N776.918 billion distributable statutory revenue, while State Governments kept N192.759 billion and Local Government Councils received N148.609 billion.
The remaining N55.515 billion was distributed to the relevant States as 13% derivation revenue.
Value Added Tax (VAT) total receipts for the month of July 2022 were N190.256 billion. This was N17.892 billion less than the N208.148 billion that was made accessible in June 2022.
The Federal Government earned N26.575 billion from the N177.167 billion distributable Value Added Tax (VAT) income, while the State Governments took home N88.584 billion and the Local Government Councils received N62.008 billion.
According to the Communiqué, oil and gas royalties, excise taxes, companies income tax (CIT), petroleum profit tax (PPT), import duties, and value-added tax (VAT) all saw large rises in the month of July 2022.
