FG, States, Local Govts Share ₦2 Trillion July Revenue [See Breakdown]

The Federation Account Allocation Committee (FAAC) meeting in Abuja announced the sharing of ₦2 trillion in July revenue, as per a communique released on Friday. The breakdown revealed that the Federal Government received ₦341 billion, state governments got ₦172 billion, and local government councils shared ₦133 billion.

Additionally, states received ₦30 billion as 13% derivation revenue. The revenue came from four major sources, with statutory revenue at ₦1.3 trillion, Value Added Tax at ₦181 billion, Electronic Money Transfer Levy at ₦6 billion, and exchange difference at ₦1 billion.

While statutory revenue decreased from June, VAT saw a slight increase. Significant increases were recorded in Petroleum Profit Tax, Oil and Gas Royalty, Electronic Money Transfer Levy, Excise Duty, Companies Income Tax, and Common External Tariff levy.