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Nigeria’s revenue rises by N19b



The Federation Accounts Allocation Committee has shared a total of N676.41 billion for July 2020 Federation Account revenue to the federal, states and local government councils and relevant agencies across the country.

  This was made known after the monthly FAAC meeting for August 2020 held through virtual conferencing and chaired by the Permanent Secretary, Federal Ministry of Finance, Mahmud Isa-Dutse.

The gross statutory revenue of N543.79 billion was received for the month of July 2020.

This was higher than the N524.53 billion received in the previous month by N19.26 billion.

The gross revenue available from the Value Added Tax was N132.62 billion as against N128.83 billion available in the preceding month, resulting in an increase of N3.79 billion.

A communiqué issued by FAAC indicated that from the total distributable revenue of N676.41 billion, the Federal Government received N273.19 billion, state governments received N190.85 billion and Local Government councils received N142.76 billion.

The oil producing states received N42.85bn as 13 per cent derivation revenue, while two sub-heads namely, cost of collection and transfers to relevant agencies  collectively had allocation of N26.76 billion.

The Federal Government received N254.69bn from the gross statutory revenue of N543.79bn, the states received N129.18 billion and the Local Government Councils received N99.59 billion.

A total of N42.85 billion was given to the relevant states as 13 per cent derivation revenue and N17.47 billion was the collective total for cost of revenue collection by revenue agencies.

The Federal Government received N18.5 billion from VAT revenue of N132.62 billion.

The state governments received N61.67 billion; the Local Government Councils received N43.17 billion, while cost of revenue collection and transfers collectively had a revenue allocation of N9.28 bilion.

The communiqué stated that in the month of July 2020, oil and gas royalty, Petroleum Profit Tax and Value Added Tax increased considerably, while Companies Income Tax, Import and Excise Duty recorded decreases.

The balance in the Excess Crude Account as of August 19 was $72.41milion.

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