FAAC Shares N2.55trn To FG, States And LGs For June

Federal Account Allocation Committee (FAAC) shared a total of N2.55 trillion among the Federal Government (FG), states and local government councils for June following its July meeting held in Abuja on Wednesday.

The allocation was announced in a statement by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation (AGF).

The statement said the distributable revenue comprised N1.8 trillion in statutory revenue and N740.72 billion in Value Added Tax (VAT) revenue.

It added that the FAAC recorded gross revenue of N4.5 trillion in June.

From the total, N160.74 billion was deducted as cost of collection, while N1.78 trillion was allocated to transfers and refunds.

Out of the distributable revenue, the FG received N923.43 billion, the states received N838.2 billion and the local government councils got N591.39 billion.

Oil producing states also received N197.61 billion as 13 percent derivation revenue.

FAAC said gross statutory revenue increased to N3.7 trillion in June from N2.65 trillion recorded in May, representing an increase of N1.04 trillion.

The committee also said gross VAT revenue rose to N799.74 billion in June from N743.68 billion in May, an increase of N56.07 billion or 7.5 percent.

FAAC also said that from the N1.8 trillion distributable statutory revenue, the FG received N849.36 billion, the states got N430.81 billion and the local government councils received N332.13 billion.

Oil producing states received N197.61 billion as derivation revenue.

Out of the N740.72 billion distributable VAT revenue, the FG received N74.07 billion, the states got N407.39 billion and the local government councils received N259.25 billion.

The committee said collections from Company Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SD), petroleum royalties, gas flaring penalties, rents, Miscellaneous Oil Revenue (MOR), VAT, import duty and Common External Tariff (CET) levies increased during the month.

It added that receipts from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), mineral royalties and fees declined, while excise duty recorded a marginal increase.