FAAC: FG, States, LGs share N733.095bn for June

The Federation Accounts Allocation Committee (FAAC) has shared a total of N733.095 billion as June 2021 but federation account revenue to the Federal, states and local governments councils.

A statement issued by the Office of Accountant General of the Federation on Friday disclosed that the ₦733.095 billion total distributable revenue comprised distributable statutory revenue of N585.752 billion; distributable Value Added Tax (VAT) revenue of N143.652 billion and Exchange Gain of N3.691 billion.

The sum of N87.469 billion was the total deductions for cost of collection,  statutory transfers and refunds from June allocation distributed in July.

Balance in the Excess Crude Account (ECA) was  $60.853 million.

The statement quoted a communiqué at the end of the virtual meeting as confirming that from the N733.095 billion, Federal Government received N304.952 billion, the states received N215.572 billion, and the local government councils got N161.100 billion.

Nine oil producing states shared N51.470 billion as 13% derivation revenue.

The sum of N4.634 billion allocation to NEDC and N6.179 billion cost of revenue collection was deducted from the gross Value Added Tax (VAT) revenue of N 154.465 billion, resulting in the distributable Value Added Tax (VAT)  revenue of N143.652 billion.

From the N143.652 billion, the Federal Government received N21.548 billion, the State Governments received N71.826 billion and the Local Government Councils received N50. 278 billion.

From the Exchange Gain revenue of N3.691 billion, the Federal Government received N1.781 billion, the State Governments receive N0.903 billion, the Local Government Councils received N0.696 billion  and N0.311 billion was given to the relevant States as 13% derivation revenue.

According to the Communiqué,  in June 2021, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duty recorded substantial increases while Value Added Tax (VAT) decreased significantly.

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