FG, states, LGs shared N2.550 trillion June revenue – FAAC

The Federation Account Allocation Committee (FAAC) has shared N2.550 trillion among the federal government, states and local government councils for the month of June.

Bawa Mokwa, the director of press and public relations in the Office of the Accountant-General of the Federation (OAGF), said this in a statement issued on Wednesday in Abuja.

Mr Mokwa said the revenue was shared at the July meeting of the committee.

He said that the N2.550 trillion distributable revenue comprised statutory revenue of N1.809 trillion and Value Added Tax (VAT) revenue of N740.724 billion.

Mr Mokwa said, according to a communiqué issued by FAAC, that the gross revenue of N4.500 trillion was available in June.

The director said the total deduction for the cost of collection was N160.744 billion, while total transfers and refunds stood at N1.789 trillion.

The communiqué stated that statutory revenue of N3.700 trillion was received for the month of June.

He said this was higher than the sum of N2.651 trillion received in the preceding month by N1.049 trillion.

Mr Mokwa said the gross revenue of N799.746 billion was available from Value Added Tax (VAT) in June.

“This is higher than the N743.688 billion available in the month of May by N56.078 billion.

The communiqué said that from the N2.550 trillion revenue, the Federal Government received a total sum of N923.438 billion, while the state governments received N838.208 billion.

“The Local government councils received N591.390 billion, while the sum of N197.610 billion (13 per cent of mineral revenue) was shared to the benefiting state as derivation revenue.

“On the N1.809 trillion statutory revenue, the communiqué stated that the Federal Government received N849.366 billion and the state governments received N430.810 billion.

“The Local Government Councils received N332.136 billion and N197.610 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” he said.

The director also explained that from the N740.724 billion Value Added Tax (VAT) revenue, the Federal Government received N74.072 billion.

He said the state governments received N407.398 billion, while the local government councils received N259.253 billion.

Mr Mokwa said that in June, Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Royalties, Gas Flared, Rental and MOR, and Value Added Tax (VAT) increased significantly.

According to him, import duty and CET levies also increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties and Fees decreased considerably.

He added that Excise Duty increased only marginally.

(NAN)