The Federation Account Allocation Committee (FAAC) has divided a total of N966.110 billion as revenue for July 2023 among the various tiers of government.
This sum encompasses N397.419 billion in distributable statutory revenue, N271.947 billion in distributable Value Added Tax (VAT) revenue, N12.840 billion from electronic money transfer levy revenue, and N283.904 billion from exchange difference revenue.
Bawa Mokwa, the director of information in the Office of the Accountant-General of the Federation, released a statement noting that the meeting was overseen by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
The deductions for the cost of collection for July 2023 amounted to N62.419 billion, while the total deductions for savings, transfers, refunds, and tax credit cancellation reached N717.962 billion.
As of the report, the Excess Crude Account (ECA) balance stands at $473,754.57.
In terms of the breakdown for the total distributable revenue of N966.110 billion, the federal government received N374.485 billion, state governments received N310.670 billion, and local government areas obtained N229.409 billion. An additional N51.545 billion was allocated to relevant states as 13% derivation revenue.
The gross statutory revenue for July 2023 reached N1.150 trillion, exhibiting a slight decrease of N2.497 billion compared to June 2023’s sum of N1.152 trillion.
From the N397.419 billion distributable statutory revenue, the federal government received N190.489 billion, state governments received N96.619 billion, and local government areas were granted N74.489 billion. A sum of N35.822 billion was further shared among relevant states as 13% derivation revenue.
July 2023 saw a gross revenue of N298.789 billion from VAT, marking an increase of N5.378 billion from June 2023’s N293.411 billion.
Of the N271.947 billion distributable Value Added Tax (VAT) revenue, the federal government obtained N40.792 billion, the 36 states and the Federal Capital Territory received N135.974 billion, and local governments secured N95.181 billion.
The N12.840 billion from electronic money transfer revenue was distributed as follows: the federal government received N1.926 billion, states and the FCT obtained N6.420 billion, while local government areas acquired N4.494 billion.
Finally, the exchange difference revenue of N283.904 billion was allocated with N141.278 billion going to the federal government, N71.658 billion to subnational governments, N55.245 billion to local government areas, and an additional N15.723 billion designated as 13% mineral revenue for relevant states.
