FAAC: FG, states, LGs share N802.407bn June revenue

Minister of Finance, Budget and National Planning, Zainab Ahmed

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.

Out of the amount, the Federal Government received N321.859 billion, the State Governments received N245.418 billion and the Local Government Councils received N182.330 billion.

The Office of Accountant General of Federation stated that the sum of N52.799 billion was shared to the relevant states as 13% derivation revenue.

The sharing was contained in a communiqué issued at the end of FAAC meeting for July 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, the total deductions for cost of collection was N44.606 billion and deductions for transfers, savings, refunds and 13% derivation to Anambra State was a total sum of 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;

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, the State Governments received N148.505 billion and the Local Government Councils received N114.491 billion.

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The gross revenue available from 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 VAT revenue, the Federal Government received N29.074 billion, the State Governments received N96.914 billion and the Local Government Councils received N67.839 billion.

According to the communiqué, 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 VAT decreased marginally.

The Star