The Federation Accounts Allocation Committee has disclosed that the balance in the Excess Crude Account stood at $274.407m on August 22, 2019.
FAAC also announced that, for July 2019, the three tiers of government shared N769.523bn from Value Added Tax, Exchange Gain and Gross Statutory Revenue.
The GSR was N674.365bn, higher than the N652.949bn received in June.
The N94.159bn from VAT was lower than June’s N108.6310bn, while EG yielded N999m.
A communiqué issued by FAAC confirmed that from the total revenue of N769.523bn, the Federal Government received N299.799bn, the states received N190.381bnand the local government councils received N143.569bn. The oil-producing states got N42.917bn as 13 per cent derivation revenue while the revenue generating agencies received N92.857bn as cost of collection.
A breakdown of the distribution showed that from the GSR of N674.365bn, the Federal Government received N285.767bn, the states received N144.945bn, the local governments received N111.746bn, the oil-producing states got N42.816bn as 13 per cent derivation and the revenue collecting agencies got N89.091bn.
From the N94.159bn VAT, the Federal Government got N13.559bn, the states got N45.197bn, the local councils got N31.638bn while the revenue generating agencies got N3.766bn.
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