The FAAC on Friday shared N760.717 billion for July 2021 to Federal, States and Local Governments. This was released in a communique after the virtual meeting for the month of August 2021.
The N760.717 billion total distributable revenue comprised distributable statutory revenue of N617.705 billion; distributable Value Added Tax (VAT) revenue of N140.555 billion and Exchange Gain of N2.457 billion.
According to the communiqué, from the total distributable revenue of N760.717 billion; the Federal Government received N321.226 billion, the State Governments received N222.514 billion, and the Local Government Councils received N166.562 billion.
In July 2021, the sum of N63.501 billion was the total deductions for cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account (ECA) was $60.855 million.
Thank God for new development
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