Nigeria shares N966 billion to states, LGAs as July revenue drops

The Federation Account Allocation Committee said it has distributed N966.11 billion to the three tiers of government for July.

The funds were disbursed from a gross revenue of N1.75 trillion, a decline from N1.9 trillion in June. The balance of N718 billion went to “savings, transfers, refunds and tax credit cancellation” and N62 billion was cost of collection.

Distributable revenue among the federal, state and local governments have almost tripled since President Bola Tinubu removed petrol subsidy and liberalised exchange rates in June.

The FAAC committee, chaired by the Finance and Coordinating Minister for the Economy Olawale Edun, said Tuesday that the distributable revenue comprised statutory revenue of N397.419 billion, Value Added Tax (VAT) revenue of N271.947 billion, and Electronic Money Transfer Levy revenue of N12.840 billion.

It also comprised exchange difference revenue of N283.904 billion and the balance in the Excess Crude Account (ECA) was $473,754.57.

Of the shared amount, the federal Government received N374.485 billion, state governments received N310.670 billion and the LGCs received N229.409 billion.

The committee shared N51.545 billion as 13 per cent derivation revenue to oil producing states.