CEM REPORT | The three tiers of government have received a total of N954.085 billion from the Federation Account for the month of July 2022.
The total revenue distributable was drawn from Statutory Revenue of N776.918 billion, and VAT at N177.167 billion.
This is according to the Federation Account Allocation Committee (FAAC) in a statement signed by Phil Abiamuwe-Mowete, the Director of Information/Press on Wednesday in Abuja, according to the News Agency of Nigeria.
The statement also revealed that Nigeria’s Excess Crude Account (ECA) as of August 24 stands at $470,599.54 million.
The Federal Government received a total of N406.610 billion, states received N281.342 billion, while Local Government Councils received N210.617 billion, this is inclusive of Gross Statutory Revenue and Value Added Tax (VAT).
Oil-producing states received N55.515 billion as derivation (13% of Mineral Revenue).
From the Gross Statutory Revenue of N776.918 billion; the Federal Government was allocated the sum of N380.035 billion, States got N192.759 billion, Local Government Councils got N148.609 billion, and Oil Derivation (13% Mineral Revenue) got N55.515 billion.
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From Gross VAT Revenue of N177.167 billion available for July; Federal Government received N26.575 billion, the States received N88.584 billion, and Local Government Councils got N62.008 billion.
From the statement Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases, while Import Duty and VAT, decreased considerably.