Excess crude account down to $474,000 as FG, others share N966b in July

The balance in Nigeria’s Excess Crude Account (ECA) as of August 22, 2023, was $473,754.57.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who chaired a meeting of the Federation Account Allocation Committee (FAAC), harped on the need for the government to mobilise resources to deliver on its mandate to increase employment and reduce poverty.

Of the earned N1.74 trillion in July, N966.1 billion was shared to the three tiers of government as allocation for July, 2023.

From the stated amount, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy and Exchange Difference, the Federal Government received N374.485 billion; states received N310.67 billion; local councils took N229.409 billion; and oil-producing states got N51.545 billion as Derivation (13 per cent of mineral revenue).

A communiqué issued by FAAC indicated that gross revenue available from Value Added Tax (VAT) for July 2023 was N298.789 billion, which was an increase from N293.411 billion distributed in the preceding month, resulting in an increase of N5.378 billion.

From that amount, N11.681 billion was allocated for costs of collection, and N15.161 billion given for savings, transfers and refunds. The remaining N271.947 billion was distributed to the three tiers of government, of which the Federal Government got N40.792 billion; states received N135.974 billion and local councils had N95.181 billion.

Accordingly, the gross statutory revenue of N1150.424 billion received for the month was lower than the N1152.921 billion received in June, 2023 by N2.497 billion. From that amount, N50.203 billion was allocated for costs of collection and N702.801 billion for savings, transfers and refunds.

The remaining balance of N397.419 billion was distributed as follows: Federal Government was allocated N190.489 billion; states got N96.619 billion, local councils had N74.489 billion, while Derivation was N35.822 billion.