Tiers of government share N762.597bn for June

The three tiers of government, Federal, State and Local government on Thursday shared N762.597 billion from the federal account for the month of June 2019.

The communique issued by the technical subcommittee of federation accounts allocation committee and signed by the accountant -general of the federation at the end of the meeting held in Abuja, indicated that the gross statutory revenue of N652.949 billion received for the month was higher than the N571.731 billion received in the previous month by N81.218 billion.

Revenue from petroleum profit tax (ppt) and companies income tax (cit)  increased significantly value-added tax (vat) increased marginally while royalties, import, and excise duties decreased considerably.

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the total revenue distributable for the current month (including vat and exchange gain) is n762.597 billion.

the shared amount comprise the month’s statutory distributable revenue of n652.949 billion, the gross revenue available from the value-added tax (vat) is n108.631 billion as against n106.826 billion distributed in the proceeding month, resulting in an increase of n1.805 billion.

furthermore, from net statutory revenue, the federal government received n309.433 billion representing (52.68℅): states government received n201.157 billion (26.72%); local government councils received n 151.384 billion representing (20.60%},  while the oil-producing states received n38.705 billion (35%) as 13% derivation revenue.

from the revenue available from the value-added tax (vat), the federal government received n15.643 billion (15%), states received n52.143 billion (50%) while the local government councils received n36.500 billion(35%).

consequently, the total revenue distributable for the month of June including vat is n762.597 billion.

the excess crude balance as at today, 25th July 2019 is $111.204 million.