The Federation Account Allocation Committee (FAAC) has shared N966.110bn July 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
The FAAC shared revenue comprised distributable statutory revenue of N397.419bn, distributable Value Added Tax (VAT) revenue of N271.947 billion, Electronic Money Transfer Levy (EMTL) revenue of N12.840 billion and Exchange Difference revenue of N283.904 billion.
In a communique contained in a statement by the Director, Press and Public Relations in the Office of the Accountant General of the Federation, Bawa Mokwa, In July 2023, the total deductions for the cost of collection was N62.419bn and the total deductions for savings, transfers, refunds and tax credit cancellation was N717.962bn.
Mr Mokwa said the communique issued after the FAAC meeting for August on Tuesday and 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.
