The Federation Account Allocation Committee (FAAC) has shared a ₦907.05 billion June Federation Account revenue to the Federal Government, states and Local Government Councils (LGCs).
This was disclosed in a communiqué issued at the end of the FAAC meeting for July on Thursday in Abuja.
The meeting was chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.
According to the communiqué, the ₦907.05 billion total distributable revenue comprised distributable statutory revenue of ₦301.5 billion, distributable Value Added Tax (VAT) revenue of ₦273.23 billion, and Electronic Money Transfer Levy (EMTL) revenue of ₦11.44 billion.
It also included Exchange Difference revenue of ₦320.89 billion.
“In June 2023, the total deductions for cost of collection was ₦73.235 billion and total deductions for savings, transfers and refunds was ₦979.078 million.
“The balance in the Excess Crude Account (ECA) was 473,754.57 dollars,” it stated.
The communiqué stated that from the total distributable revenue of ₦907.05 billion; the federal government received ₦345.56 billion, the state governments received ₦295.95 billion and the LGCs received ₦218.06 billion.
A total sum of ₦47.48 billion was shared to the relevant states as 13 per cent derivation revenue.
“Gross statutory revenue of ₦1.152 trillion was received for the month of June.
“This was higher than the sum of ₦701.787 billion received in the previous month by ₦451.134 billion.
“From the ₦301.501 billion distributable statutory revenue, the federal government received ₦146.710 billion, the state governments received ₦74.413 billion and the LGCs received ₦57.370 billion.
“The sum of ₦23.008 billion was shared to the relevant States as 13 per cent derivation revenue,” it said.
The communiqué further stated that the gross revenue available from VAT was ₦293.411 billion, adding that it was higher than the ₦270.197 billion available in the month of May by ₦23.214 billion.
It said that the federal government received ₦40.984 billion, the state governments received ₦136.613 billion and the LGCs received ₦95.63 billion from the ₦273.23 billion distributable VAT revenue.
“The ₦11.436 billion EMTL was shared as follows: the Federal Government received ₦1.715 billion, the State Governments received ₦5.718 billion and the LGCs received ₦4.003 billion.
“From the ₦320.892 billion Exchange Difference revenue, the Federal Government received N156.155 billion, the state governments received ₦79.204 billion, the LGCs received ₦61.063 billion.
“The sum of ₦24.470 billion was shared to the relevant States as 13 per cent mineral revenue,” it said.
It stated that Companies Income Tax (CIT), Import and Excise Duties, VAT, and Oil and Gas Royalties all increased significantly, while Petroleum Profit Tax and EMTL decreased considerably.
