Allocation of N966.1 Billion to the Government in a meeting in Abuja, chaired by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, a total sum of N966.110 billion was distributed to the three tiers of government as Federation Allocation for July 2023. This allocation was derived from a gross revenue of N1.746 trillion.
The breakdown of the allocation includes N374.485 billion for the Federal Government, N310.670 billion for the States, N229.409 billion for Local Government Councils, and N51.545 billion for the Oil Producing States as Derivation (13% of Mineral Revenue).
Allocation of N966.1 Billion to the Government the Value Added Tax (VAT) for July 2023 increased to N298.789 billion from the previous month’s N293.411 billion. After deducting N11.681 billion for Costs of Collection and N15.161 billion for Savings, Transfers, and Refunds, N271.947 billion was distributed among the Federal Government, States, and Local Government Councils.
The Gross Statutory Revenue for the month was N1,150.424 billion, slightly lower than the previous month’s N1,152.921 billion. After deducting N50.203 billion for costs of collection and allocating N702.801 billion for savings, transfers, and refunds, the remaining N397.419 billion was shared among the Federal Government, States, Local Government Councils, and Oil Derivation.
Electronic Money Transfer Levy (EMTL) contributed N13.375 billion, with allocations to the Federal Government, States, and Local Government Councils.
Exchange Difference contributed N283.904 billion, with distributions to the Federal Government, States, Local Government Councils, and Derivation.
Notably, Companies’ Income Tax (CIT), Petroleum Profit Tax (PPT), and Oil and Gas Royalties decreased significantly, while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased. Value Added Tax (VAT) experienced a marginal increase.
The total revenue distributable for July 2023 was derived from Statutory Revenue, VAT, Electronic Money Transfer Levy, and Exchange Difference, amounting to N966.110 billion.
The Excess Crude Account (ECA) balance as of August 22, 2023, stood at $473,754.57.
Mr. Stephen Kilebi, Press and Public Relations representative of the Federal Ministry of Finance, reported that Mr. Edun emphasized the need for resource mobilization to drive employment creation and poverty reduction. He also stressed the importance of maintaining money supply discipline to control inflation.
FAAC members expressed optimism about Mr. Edun’s leadership and experience, believing it would contribute to economic improvements.
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