The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Tuesday called for discipline in money supply to control inflation, as the Federation Account Allocation Committee (FAAC) shared a total sum of N 966,110 billion to the federal, state and local government councils for the month of July.
Edun, who gave the admonition for discipline in money supply to control inflation in Abuja, while presiding over the monthly FAAC meeting, explained the need for the government to mobilise resources to deliver on its mandate to boost employment and reduce poverty.
He advised that there should be discipline in money supply to control inflation in the nation’s economy.
Different statements issued from the Ministry of Finance and the Office of the Accountant General of the Federation disclosed that FAAC shared a total sum of N 966,110 billion Federation Account Revenue among the federal, state and local governments for the month of July.
This signified a N59.056 billion increase over the N907,054 billion distributed in the preceding month of June.
Quoting a communiqué issued at the end of the FAAC meeting in Abuja, which was presided over by Edun, the Director (Press and Public Relations), Mr. Stephen Kilebi, disclosed that the N966.110 billion shared was from a total gross revenue of N1,746,491 trillion.
The statement added that from the total distributable revenue of N966.110 billion, inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference, the federal government received N374.485 billion, states received N310.670 billion while the local government councils got N229.409 billion.
A total sum of N51.545 billion was shared to the relevant states as 13 per cent derivation revenue.
Gross revenue available from VAT for the month of July was N298.789 billion, indicating a N5.378 billion increase over the N293.411 billion distributed in the preceding month of June.
Gross statutory revenue of N1150.424 billion was received for the month of July 2023.
This indicates a decrease of N2.497 billion over the sum of N1152.921 billion received in the month of June.
From the N397.419 billion distributable statutory revenue, the federal government received N190.489 billion, states received N96.619 billion while the local government councils received N74.489 billion.
The sum of N35.822 billion was shared to the relevant States as 13 per cent derivation revenue.
For the month of July, the gross revenue available from the Value Added Tax (VAT) was N298.789 billion. This was higher than the N293.411 billion available in the month of June 2023 by N5.378 billion.
The federal government received N40.792 billion, state governments got N135.974 billion and the local governments received N95.181 billion from the N271.947 billion distributable Value Added Tax (VAT) revenue.
The N12.840 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the federal government received N1.926 billion; states, N6.420 billion and the local government, N4.494 billion.
From the N283.904 billion Exchange Difference revenue, the federal government received N141.278 billion, the state governments received N71.658 billion, the Local Government Councils received N55.245 billion and the sum of N15.723 billion was shared to the relevant States as 13 per cent mineral revenue.
According to the communiqué, in the month of July 2023, Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased considerably while Value Added Tax (VAT) increased marginally. Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and Oil and Gas Royalties recorded significant decreases.
The balance in the Excess Crude Account (ECA) as at August 22, 2023 stood at $473,754.57.
Ndubuisi Francis in Abuja and Dike Onwuamaeze in Lagos
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