Newsonline Nigeria reports that the Federation Account Allocation Committee (FAAC) has disbursed N966.110 billion in revenue among the Federal Government, States, and Local Government Councils (LGCs) for July.
The information was revealed in a communiqué following the August FAAC meeting, presided over by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Here’s a breakdown of the allocation
Total Distributable Revenue N966.110 billion
Key Points
Distribution
Further Distributions
From the Statutory Revenue of N397.419 billion:
From the VAT of N271.947 billion:
EMTL Revenue of N12.840 billion was split among:
From the Exchange Difference Revenue of N283.904 billion:
Revenue Trends
The communiqué highlighted a substantial rise in Import and Excise Duties and EMTL in July, a slight increase in VAT, and noticeable declines in Petroleum Profit Tax (PPT), Companies Income Tax (CIT), and Oil and Gas royalties.
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