The government, states and local governments share a revenue allocation of Rp1.35 trillion for July.

The three tiers of government on Friday shared the revenue allocation of N1.35 trillion for July.

A communique issued at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja revealed the total distributable fund of N1.35 trillion comprising official revenue of N161.593 billion, Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.

Also included in the total distributable income are Foreign Exchange Difference income of N581.710 billion and Solid Mineral income of N13.647 billion.

He added that the total amount available in July was N2.613 trillion.

The communique read: “The total reduction in collection costs was N99.756 billion, while the total transfers, interventions and refunds was N1.155 trillion. Gross official revenue of N1.387 trillion was received in July.

“This amount is lower compared to the amount received in June of N1.432 trillion or N45.517 billion.

He said gross revenue of N625.329 billion was available from VAT in July, adding that the amount was higher than the N562.685 billion available in June of N62.644 billion.

“Of the total distributable revenue of N1.358 trillion, the Federal Government received N431.079 billion and the state governments received N473.477 billion.

“LGC received N343.703 billion, and a total of N109.816 billion (13 percent of mineral revenue) was distributed to beneficiary states as derivation revenue.

“For the state revenue of N161.593 billion, the Federal Government received N58.545 billion and the state governments received N29.695 billion.

“LGC received N22.894 billion, while the amount of N50.459 billion (13 per cent of mineral revenue) was distributed to beneficiary states as derivation revenue.

“In July, Oil and Gas Royalties, Income Tax (PPH), VAT, Import Duty, EMTL), and CET Levy increased significantly.

“In addition, Corporate Income Tax (PPh) also experienced a decline, while Customs and Excise only experienced a slight increase.

“The balance in the Excess Crude Oil Account is $473,754.”

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