FAAC Revenue Rises To All-time High Of N2.001trn In July, Up By 10%

The Federal Account Allocation Committee (FAAC) reported a record-high revenue of N2.001 trillion in July, marking a 10% increase despite a lower gross statutory revenue of N415 billion compared to June. The rise was attributed to contributions from Value Added Tax (VAT) and Exchange Rate Differential Levy.

Notably, Petroleum Profit Tax, Oil and Gas Royalties, and Excise Duty saw significant increases, while Company Income Tax and CET Levies decreased. Director of the Office of the Accountant General of the Federation, Bawa Mokwa, disclosed that after deductions, a total of N1.001 trillion was available for distribution, with the federal government receiving N199 billion, states receiving N100 billion, and local governments receiving N77 billion.

Mineral revenue was shared among benefiting states, with a total of N1.3 trillion distributed.