The Federal, States and Local Governments distributed ₦626 billion in the month of July 2020.
From this amount, inclusive of VAT, the Federal Government received ₦273.189 billion, the States received ₦190.849 billion, the Local Government councils got ₦142.761 billion, while the oil producing states received ₦42.851 billion as derivation fund and Cost of Collection/Transfer and Refund got ₦26.757 billion.
The communique issued by the Federation Account Allocation Committee (FAAC) at the end of its virtual meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for July, 2020 was ₦132.619 billion against ₦128.619 billion distributed in the preceding month of June, 2020, resulting in an increase of ₦3.793 billion.
The distributed Statutory Revenue of ₦543.788 billion received for the month was higher than the ₦524.526 billion received for the previous month by ₦19.262 billion.
The communique also revealed that Oil and Gas Royalty, Petroleum Profit Tax (PPT), and Value Added Tax (VAT) increased considerably, while Companies Income Tax (CIT), Import and Excise Duty recorded a decrease.
Study @ Achievers University
