FG, States, LGs Share ₦3.007 Trillion July Revenue As Statutory Income Jumps
By JOANNA ILUSANMI
THE Federal Government, 36 states and 774 local government areas shared ₦3.007 trillion in revenue for July, according to the Federation Account Allocation Committee (FAAC).
The Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, disclosed the figure in a statement on Tuesday in Abuja.
FAAC approved the allocation at its monthly meeting in Owerri, Imo State. The meeting took place on the sidelines of the ongoing National Council of Federation and Economic Development.
July’s figures showed a notable rise in statutory revenue. Gross statutory revenue climbed to ₦4.359 trillion, up by ₦658.087 billion, or 17.8 per cent, from the ₦3.700 trillion recorded in June.
However, Value Added Tax revenue moved in the opposite direction. Gross VAT collections stood at ₦793.968 billion, representing a marginal decline of ₦5.778 billion, or 0.7 per cent, from the ₦799.746 billion recorded in June.
FAAC attributed the stronger statutory revenue performance to increased collections from several sources. These included Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax and Stamp Duty Tax.
Petroleum and mineral royalties, excise duty and gas-flaring penalties also contributed to the increase.
Despite the gains, some revenue streams recorded declines. These included VAT, import duty, Common External Tariff levies, rental from gas-flaring fees and miscellaneous oil revenue.
Meanwhile, FAAC said it would continue working with revenue-generating agencies to close collection gaps and improve remittance discipline.
The committee also reaffirmed its commitment to ensuring that all collectible revenues reach the Federation Account fully, transparently and on time.
The move comes ahead of a planned reconciliation of the accounts, which is expected to further strengthen revenue reporting and remittance processes.
