The federal government had divided N954.085 billion in July, widely regarded as the most this year. The governments received N151.678 billion more than they did in June, which was N802 billion.
As the federal, state, and Local Government Councils (LGCs) divided N673.137 billion in revenue between August, the amount of money that the three tiers of government shared decreased by 280.948 billion.
The Federation Account Allocation Committee (FAAC) reports that the N673.137 billion in income for August was made up of N437.871 billion in gross statutory revenue, N215.266 billion in value-added tax, and N20 billion in other non-oil excess revenue.
Out of the total, the 36 states received N222.949 billion, the federal government received N259.641 billion, and the LGCs earned N164.247 billion. N26.301 billion, or 13% of mineral earnings, was derivation given to the oil-producing states.
The FAAC communiqué published following its meeting revealed that the gross VAT revenue was N215.266 billion, an increase above the amount from July. The states received N107.633 billion, the federal government received N32.290 billion, and the LGCs received N75.343 billion.
The federal government received N216.815 billion of the total gross statutory revenue, which was N437.871 billion. While LGCs received N84.783 billion and oil revenue was N26.301 billion, the states received N109.972 billion.
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The federal government received N10.536 billion from an N20 billion augmentation of non-oil excess revenue, while states received N5.344 billion and LGCs received N4.120 billion.
The communiqué further indicated that while companies’ income tax (CIT), petroleum profit tax (PPT), and oil and gas royalties experienced considerable decreases, VAT, import and excise duties experienced significant rises.
However, as of September 23, 2022, the Excess Crude Account (ECA) balance was $470,599.54. As it was the same amount for the July revenue period, it means that the ECA did not increase or decrease. From $35.37 million in May to $376,655 in June and then to $470,599.54 in July, it had decreased.