The Federation Account Allocation Committee (FAAC) has shared a total sum of N802.407 billion June 2022 Federation Account Revenue to the Federal Government, states and Local Government Councils.
This is contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2022, held in Abuja.
The N802.407 billion total distributable revenue comprised distributable statutory revenue of N608.580 billion and distributable Value Added Tax (VAT) revenue of N193.827 billion.
In June 2022, the total deductions for cost of collection was N44.606 billion and deductions for transfers, savings, refunds and 13 per cent derivation to Anambra State was N373.200 billion.
The balance in the Excess Crude Account (ECA) was $376,655.09
The communiqué confirmed that from the total distributable revenue of N802.407 billion, the Federal Government received N321.859 billion, state governments received N245.418 billion and the Local Government Councils received N182.330 billion, while the sum of N52.799 billion was shared to the relevant states as 13 percent derivation revenue.
Gross statutory revenue of N1,012.065 billion was received for the month of June 2022. This was higher than the sum of N589.952 billion received in the previous month by N422.113 billion.
From the N608.580 billion distributable statutory revenue, the Federal Government received N292.785 billion, state governments got N148.505 billion and the Local Government Councils pocketed N114.491 billion, while the sum of N52.799 billion was shared to the relevant states as 13 percent derivation revenue.
In the month of June 2022, the gross revenue available from the Value Added Tax (VAT) was N208.148 billion. This was lower than the N213.179 billion available in the month of May 2022 by N5.031 billion.
From the N193.827 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N29.074 billion, the state governments got N96.914 billion and the Local Government Councils received N67.839 billion.
According to the communiqué, in the month of June 2022, Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) recorded tremendous increases, while Import Duty, oil and gas royalties increased marginally. Excise Duties decreased significantly while Value Added Tax (VAT) decreased marginally.
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The PDP spokesman recalled how the opposition party had on various occasions alerted that the APC government had ceded sovereignty over a large portion of our country to terrorists, “many of whom were imported into our country by the APC.”
He further stated: “From the video, in a brazen manner, terrorists as non-state actors boldly showed their faces, boasting, admitting and confirming their participation in the Kuje Prison break, some of whom were former prison inmates who were either jailed or awaiting trial for their previous terrorism act against our country.
“Nigerians can equally recall the confession by the Governor of Kaduna State, Mallam Nasir el-Rufai that the APC government knows the plans and whereabouts of the terrorists but failed to act.
According to Ologunagba, about 18,000 Nigerians have been killed by terrorists between 2020 and 2022 “as the criminals continue to be emboldened by the failures and obvious complicity of the APC and to which the PDP had always drawn attention.”
“This is not politics; this is about humanity and leadership, which leadership sadly and unfortunately is missing in our country at this time,” he said.
The PDP added that it is appalled by “the lame response by the apparently helpless, clueless and deflated Buhari Presidency, wherein it told an agonizing nation that President Buhari “has done all and even more than what was expected of him as Commander in Chief by way of morale, material and equipment support to the military…”
“This is a direct admission of incapacity and failure by the Buhari Presidency and the APC. At such a time, in other climes, the President directly leads the charge and takes drastic measures to rescue and protect his citizens.
“In time of adversity, the President transmutes into Consoler-in-Chief to give hope and succour to the citizens. Painfully, Nigeria does not have a President who cares and can stand as Consoler-in-Chief to the citizens.
“It has now become very imperative for Nigerians to take note and realize that the only solution to this unfortunate situation is to hold the APC government accountable. We must come together as a people, irrespective of our political, ethnic and religious affiliations to resist the fascist-leaning tendencies of the APC administration.
Ologunagba called for an urgent meeting of the National Council of State to advise on the way to go over the nation’s worsening insecurity.
“Our nation must not fall. The resilient Nigerian spirit and ‘can-do- attitude’ must be rekindled by all to prevail on the President to immediately and without further delay, accede to the demand by the PDP and other well-meaning Nigerians to convene a special session of the National Council of State to find a lasting solution since the President has, in his own admission, come to his wit’s end,” the PDP spokesman declared.
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