Connect with us

Business News

Reports For July: Federal, states, local governments share N676.407 billion for July 2020

Published

on

Federal, states, local governments share N676.407 billion for July 2020

The Federation Accounts Allocation Committee (FAAC) at its virtual meeting on Wednesday, shared to the three tiers of government, a total sum of N676.407 billion as federation allocation for the month of July, 2020.

From this amount, inclusive of VAT, the Federal Government received N273.189 billion, the States received N190.849 billion, the Local Government councils got N142.761billion, while the oil producing states received N42.851 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refund got N26.757 billion.


See Also: OPEC+ meet today as Crude oil prices drop


A communique issued by FAAC at the end of the meeting, chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr Mahmoud Isa-Dutse, indicated that the Gross Revenue available from the Value Added Tax (VAT) for July, 2020 was N132.619 billion against N128.619 billion distributed in the preceding month of June, 2020, resulting in an increase of N3.793 billion.

The distributed Statutory Revenue of N543.788 billion received for the month was higher than the N524.526 billion received for the previous month by N19.262 billion, which the Federal government received N254.688 billon, States got N129.181 billion, LGCs got N99.593 billion, Derivation (13% Mineral Revenue) got N42.851 billion and Cost of Collection/ Transfer and Refund got N17.474 billion.


See Also: Ghanaian Authorities insists Nigerian traders must pay $1m


The communique also revealed that Oil and Gas Royalty, Petroleum Profit Tax (PPT), and Value Added Tax (VAT) increased considerably, while Companies Income Tax (CIT), Import and Excise Duty recorded decreases.

The total revenue distributable for the current month including Value Added Tax (VAT), according to the committee is N676.407 billion.

Trade with Nairabusiness

I am a student studying computer science. I'm a passionate blogger that loves reading and writing, business minded with solution to complete financial tips. You love business? Stay tuned to Nairabusiness.com

Continue Reading
Click to comment

Leave a Reply

error: Content is protected !!
%d bloggers like this: