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FG, States, LGs Share N760bn For July

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FG To Borrow To Fund N6.25trn Deficit In 2022 Budget

The Federation Accounts Allocation Committee shared to the three tiers of government a total of N760.717bn as federation allocation for the month of July.

According to a statement issued by the Ministry of Finance in Abuja, this was disclosed a communiqué issued after FAAC’s virtual meeting for August.

The ministry stated that from this amount, the Federal Government received N325.988, states received N224.929, and Local Governments received N168.424.

Oil producing states received N41.376 billion as derivation (13 per cent of mineral revenue).

It also disclosed that the distributable statutory revenue available for the month was N601.095.

The distribution of the sum was as follows: Federal Government; N303.765bn, states; N154.074bn, local governments; N118.785bn while oil producing states were given the sum of N41.081bn as derivation (13 per cent of mineral revenue).

The statement added that the gross revenue of N151.134bn received from Value Added Tax was lower than the N154.465bn received in the previous month.

This resulted in a decrease of N3.331 billion.

The distribution is as follows; Federal Government got N21.083 billion, the States received N70.278 billion, Local Government Councils got N49.194 billion, Allocation To NEDC received N4.534 billion and Cost of collection/transfers/ refunds got N6.045 billion,” the statement added.

It also disclosed that total revenue distributable for the current month inclusive of Gross Statutory Revenue of N617.705 billion, VAT of N140.555 billion, and Exchange Gain of N2.457 billion, bringing the total distributable revenue to N760.717 billion.

The communique further revealed that Companies Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties recorded significant decreases, while Import and Excise Duty, VAT decreased marginally.