FAAC shares N954.085 BLN July 2022 Revenue To Federal, State, And Local Government

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the Federation Account Allocation Committee (FAAC) has shared a total sum of N954.085 billion naira in July 2022 Federation Account Revenue to the Federal Government, States, and Local Government Councils.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja.

The N954.085 billion total distributable revenue comprised distributable statutory revenue of N776.918 billion and distributable Value Added Tax (VAT) revenue of N177.167 billion.

In July 2022, the total deductions for the cost of the collection were N47.254 billion, and full deductions for transfers, savings, and refunds were N255.762 billion. The balance in the Excess Crude Account was $470,599.

The communiqué confirmed that from the total distributable revenue of N954.085 billion; the Federal Government received N406.610 billion, the State Governments received N281.342 billion and the Local Government Councils received N210.617 billion. Meanwhile, the sum of N55.515 billion was shared with the relevant States as 13% derivation revenue.