Three Tiers Of Government Share N966 Billion Revenue for the Month of July
The Three Tiers of Government have shared revenue, totaling N966 billion from the federation account, for the month of July 2023.
This is higher than n907.05 billion shared for the month of June.
The gross revenue for the month of July is put at n1.95 trillion
The revenue was shared on Tuesday, in Abuja during the monthly meeting of the Federation Account Allocation Committee, presided over by the Finance and Coordinating Minister of Economy, Olawaleedun.
According to the breakdown of the shared revenue, federal government got n374.4 billion; state governments (N310.6 billion); 774 local government (N229.4 billion), while n51.5 billion is allocated to 13 percent derivation.
Also, revenue generating agencies received n62.4 billion; while N717.7 billion was deducted from the distributable revenue for savings, transfers, refunds and tax credit cancellations.
The distributable revenue is made up of statutory revenue of N397.4 billion; value added tax (N271.9 billion); electronic money transfer (N12.84 billion), and foreign exchange differential (N28.39 billion);
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The communiqué further disclosed that Import and Excise Duties and Electronic Money Transfer Levy increased considerably while Value Added Tax increased marginally.
However, Petroleum Profit Tax, Companies Income Tax and Oil and Gas Royalties recorded significant decreases.
It was also disclosed that N62.42bn was deducted as cost of collection, while N717.96bn was deducted for savings, transfers, refunds and tax credit cancellation.
The balance in the Excess Crude Account was maintained at $473,754.57.
In a separate statement by the Director, Press and Public Relations of the Ministry of Finance, Stephen Kilebi, it was disclosed that Edun noted that there was the need for government to mobilise resources to deliver on its mandate to increase employment and reduce poverty.
The statement added, “Mr Edun advised that there should be discipline in money supply to control inflation in the nation’s economy.”
The statement added, “Mr Edun advised that there should be discipline in money supply to control inflation in the nation’s economy.”
