FAAC Shares ₦3.007tn for July, but Reported June Comparison Raises Questions

The Federation Account Allocation Committee (FAAC) says it shared ₦3.007 trillion among the Federal Government, the 36 states and 774 local government councils for July. The committee reported gross statutory revenue of ₦4.359 trillion, citing improved receipts from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, royalties, excise duty and gas-flaring penalties. VAT revenue fell slightly to ₦793.968 billion from ₦799.746 billion in June. However, the reported comparison requires clarification: ₦3.007 trillion is lower than the ₦3.700 trillion stated for June, despite the statement describing it as an increase of ₦658.087 billion. FAAC said it would continue efforts to improve revenue collection, remittances and non-oil income.

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