What FAAC Disbursed To FG, States, LGs As July Revenue

What FAAC Disbursed To FG, States, LGs As July Revenue

The Federation Account Allocation Committee (FAAC) has distributed a total amount of N966.110 billion from the July 2023 Federation Account Revenue to the Federal Government, States, and Local Government Councils.

This information was detailed in a communiqué released at the conclusion of the August 2023 FAAC meeting, as stated in a press release by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation.

Reportedly chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the meeting included the distribution of the N966.110 billion total revenue.

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This sum comprised N397.419 billion as distributable statutory revenue, N271.947 billion as distributable Value Added Tax (VAT) revenue, N12.840 billion as Electronic Money Transfer Levy (EMTL) revenue, and N283.904 billion as Exchange Difference revenue.

During July 2023, the deductions for the cost of collection amounted to N62.419 billion, while deductions for savings, transfers, refunds, and tax credit cancellations totaled N717.962 billion.

Furthermore, the Excess Crude Account (ECA) held a balance of $473,754.57 for the previous month.