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By Umoru Abdulkadir
The Federation Accounts Allocation Committee (FAAC) has reflated the economy sharing N769.5 billion among the three federating units for the month of July.
At the end of its meeting in Abuja, the Committee says the amount consist of revenue from value added tax (VAT), exchange gain and gross statutory revenue.
Meanwhile, a further breakdown of the sum showed that statutory revenue for the month of July 2019 stood at N674.365 billion, higher than the N652.949 billion received in the preceding month by N21.416 billion.
Similarly, at N94.159 VAT revenue for the month was lower than the preceding month which was N108.631 indicating a decrease of N14.472 billion, whereas Exchange Gain yielded a total revenue of N0.999 billion within the period.
The communique confirmed that out of the total revenue of N769.523 billion, the Federal Government received N299.799 billion, the states received N190.381 billion, and the local government councils received N143.569 billion.
Oil producing states received N42.917 billion as 13% derivation revenue while Department of Petroleum Resources (DPR), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) received N92.857 billion as cost of revenue collection.
Federal Government received N285.767 billion, states received N144.945 billion and local councils received N111.746 billion of the N674.365 billion statutory revenue.
Also from the N94.159 billion VAT revenue, Federal Government received N13.559 billion, states received N45.197 billion and the 774 local government councils received N31.638 billion while 0and the revenue generating agencies received N3.766 billion.
The stated that the total balance in the excess crude account as at Thursday was $274.407 million.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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