FAAC Shares N966bn Among Three Ties Of Govt

Afimag.com –

The Federation Account Allocation Committee (FAAC) has shared N966.110 billion in July 2023 Federation Account Revenue to the Federal Government, States, and Local Government Councils.

The FAAC shared revenue comprised distributable statutory revenue of N397.419 billion, distributable Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer levies (EMTL) revenue of N12.840 billion, and Exchange Difference revenue of N283.904 billion.

In a communiqué, the Director, Press and Public Relations in the Office of the Accountant General of the Federation, Bawa Mokwa,said the total deductions for the cost of collection were N62.419bn and the total deductions for savings, transfers, refunds, and tax credit cancellation were N717.962bn.

Mr Mokwa said the communiqué was issued after the FAAC meeting for August on Tuesday, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

He added that the balance for the Excess Crude Account (ECA) for last month was put at $473,754.57.