FAAC: Federal, State and Local Govts share N443.66b

A total of 443.66 billion naira was distributed between the three tiers of Government – Federal, State and Local – as revenue generated in the month of July.

Permanent Secretary to the Ministry of Finance Mahmoud Isa Dutse disclosed this at the close of the monthly FEDERATION ACCOUNTS ALLOCATION COMMITTEE [FAAC] meeting.

Last month, governments smiled to the bank after revenue rose astronomically following the remittance of company income tax and petroleum profit tax in June.

However that revenue was almost halved in July as gross statutory revenue declined by 250.97 billion naira.

Crude oil export decreased by 2.8 million barrels in April which affected income as Federation export revenue decreased by 102.17 million dollars.

The increase in amount shared was occasioned by a recovery of 1.373 billion naira excess bank charges, exchange gain as well as arrears of 36.494 billion naira from the month of May.

Lagos will soon join the league of oil producing states receiving 13% derivatives and journalists were informed that so far no state funds are being held to repay bailout funds.

Of the 443.663 billion naira distributed, value added tax was 64.308 billion naira, refund by NNPC 6.33 billion naira along with other refunds while excess crude account stands at 3.03 trillion naira.

The Federal Government, thereafter, assured states that they can still tap into the fiscal sustainability funds to meet with obligations.

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