Excess Crude Account hits $470,599.54

In one month, the balance in the Excess Crude Account (ECA) grew by $93,944.45 leaving a total of $470,599.54 in the account.

Last month, the account was depleted from $35million to $376,655.09.

Also within the month, the three tiers of government shared N954.085 billion, N151.678 billion more than the N802.407 shared for June.

This was contained in the communique at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja on Wednesday.

The communiqué stated that the N954.085 billion total distributable revenue comprised distributable statutory revenue of N776.918 billion and distributable Value Added Tax (VAT) revenue of N177.167 billion.

In July 2022, the total deductions for collection was N47.254 billion and total deductions for transfers, savings and refunds was N255.762 billion.

The communiqué confirmed that from the total distributable revenue of N954.085 billion; the Federal Government received N406.610 billion, the State Governments received N281.342 billion and the Local Government Councils received N210.617 billion. The sum of N55.515 billion was shared to the relevant States as 13% derivation revenue.

It was also revealed that gross statutory revenue of N1.066 trillion was received for the month of July 2022. This was higher than the sum of N1.012 trillion received in the previous month by N54.780 billion.

From the N776.918 billion distributable statutory revenue, the Federal Government received N380.035 billion, the State Governments received N192.759 billion and the Local Government Councils received N148.609 billion. The sum of N55.515 billion was shared to the relevant States as 13 percent derivation revenue.

In the month of July 2022, the gross revenue available from the Value Added Tax (VAT) was N190.256 billion.

This was lower than the N208.148 billion available in the month of June 2022 by N17.892 billion.

From the N177.167 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N26.575 billion, the State Governments received N88.584 billion and the Local Government Councils received N62.008 billion.

According to the Communiqué, in the month of July 2022, Companies Income Tax (CIT), Petroleum Profit Tax (PPT), Excise Duties and Oil and Gas Royalties recorded significant increases, while Import Duty and Value Added Tax (VAT) decreased considerably.

(Nation)