Federation Account Allocation Committee (FAAC) for July increased by 18% by Coronation Research Team

The latest gross monthly distribution by the Federation Account Allocation Committee (FAAC) to the three tiers of government and public agencies amounted to N802.4bn in July (from June revenue).

This was an increase of 18% or N121.6bn from June’s payout and 14.7% higher than the payout recorded in January ’22. YTD, the average monthly FAAC distribution is N690.7bn.

This is an improvement when compared with the average of N649.5bn and N642.1 recorded in the corresponding period of 2021 and 2020 respectively. According to the local media, companies income tax (CIT), petroleum profit tax (PPT), oil and gas royalties and import duty recorded significant increases over the previous month, while value added tax (VAT) and excise duties declined.  For the full economic note, please click here . SOURCE: Coronation Research Team

Leave a Reply

Send in Your Business News to BusinessTrumpet News!