FAAC shares N760.717bn for July 2021

The Federation Accounts Allocation Committee (FAAC) on Friday shared a total of N760.717 billion for July 2021 to the federal, states and local governments. This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for 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. 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. The communiqué confirmed that 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.

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