FAAC shares N651.184bn to FG, States, Local governments

Federation Accounts Allocation Committee (FAAC) at the weekend shared a total of N651.184 billion as of June 2020 to the three tiers of government for June 2020.

This was contained in a communiqué issued by FAAC after its monthly meeting for July 2020 held through virtual conferencing and chaired by the Accountant General of the Federation, Ahmed Idris.

Gross statutory revenue was N524.526 billion; gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the exchange rate gain was N42.832 billion thus bringing total revenue for the month to N696.184 billion.

From this total, N45 billion was saved in the excess non-oil revenue account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies.

Balance in the excess crude account (ECA) as at July 16, 2020 was $72.407 million.

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The communique further revealed that the gross statutory revenue of N524.525 billion available in June was higher than the N413.953 billion received in the previous month by N110.573 billion.

Also, the gross revenue of N128.826 billion available from the Value Added Tax (VAT) was higher than the N103.873 billion in the previous month by N24.953 billion.

From the total revenue, the Federal Government received N266.131 billion, state governments jointly received N185.774 billion while the 774 local government councils jointly shared N138.974 billion.

Oil-producing states received N28.496 billion being equivalent of 13 percent derivation revenue and N76.809 billion was given as cost of collection to revenue-generating agencies.

Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and Department of Petroleum Resources (DPR) shared N24.047; N3.865 was transferred to North East Development Commission (NEDC); N3.865; Presidential Task Force (PTF) N3.897; and transfer to non-oil excess account N45 billion making a total of N76.809 billion.

The Federal Government received N227.584 billion from the gross statutory revenue, state governments received N115.434 billion and local governments received N88.995 billion.

The sum of N24.722 billion was given to the relevant States as 13% derivation revenue.

Federal Government received N17.971 billion from the Value Added Tax (VAT) revenue, the state governments received N59.904 billion, the local government councils received N41.933 billion, and the revenue/ relevant agencies received N5.153 as cost of collection and N3.865 billion transferred to NEDC , totalling N9.018 billion

From the exchange gain revenue, Federal Government received N20.576 billion, states received N10.436 billion, local governments received N8.046 billion while oil-producing states received N3.774 billion.

In June 2020, import and excise Duty, value-added tax, companies income tax, oil and gas royalty recorded significant increases while petroleum profit tax declined.

Tribune