FAAC Confirms THE WHISTLER Exclusive, Allocates N907bn To Three Tiers Of Govt

The Federation Account Allocation Committee (FAAC) has shared a total of N907.054bn being June 2023 revenue to the Federal Government, States and Local Government Councils.  

This was contained in a communiqué issued at the end of the FAAC meeting for July 2023.

The amount shared by the Committee confirms the exclusive story of THE WHISTLER that the governors had endorsed a proposal by the Federal Government that only about N900bn out of revenue generated into the coffers of government would be shared.

In THE WHISTLER report published on Thursday morning, one of the governors who attended the meeting stated that in view of the removal of fuel subsidy, the Federal Government had raised concerns that if the entire revenue is to be shared, it may put pressure on the naira and also affect the price of fuel.

During the FAAC meeting held in Abuja on Thursday which was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, N907.054bn total distributable revenue was shared.

This comprised distributable statutory revenue of N301.501bn, distributable Value Added Tax (VAT) revenue of N273.225bn, Electronic Money Transfer Levy (EMTL) revenue of N11.436bn and Exchange Difference revenue of N320.892bn.

In June 2023, the total deductions for cost of collection was N73.235bn and total deductions for savings, transfers and refunds was N979.078bn.

The balance in the Excess Crude Account (ECA) was $473,754.57

The communiqué stated that from the total distributable revenue of N907.054bn; the Federal Government received N345.564bn, the State Governments received N295.948bn and the Local Government Councils received N218.064bn. A total sum of N47.478bn was shared to the relevant States as 13% derivation revenue.

It stated that gross statutory revenue of N1.152trn was received for the month of June 2023. This was higher than the sum of N701.787bn received in the previous month by N451.134bn.

From the N301.501bn distributable statutory revenue, the Federal Government received N146.710bn, the State Governments received N74.413bn and the Local Government Councils received N57.370bn. The sum of N23.008bn was shared to the relevant States as 13 per cent derivation revenue.

For the month of June 2023, the gross revenue available from the Value Added Tax (VAT) was N293.411bn. This was higher than the N270.197bn available in the month of May 2023 by N23.214 billion.

The Federal Government received N40.984bn, the State Governments received N136.613bn and the Local Government Councils received N95.629bn from the N273.225bn distributable Value Added Tax (VAT) revenue.

The N11.436bn Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.715bn, the State Governments received N5.718bn and the Local Government Councils received N4.003bn.

From the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155bn, the State Governments received N79.204bn, the Local Government Councils received N61.063bn and the sum of N24.470bn was shared to the relevant States as 13 percent mineral revenue.

According to the communiqué, in the month of June 2023, Companies Income Tax (CIT) recorded tremendous increase.

Similarly , Import and Excise Duties, Value Added Tax (VAT), Oil and Gas Royalties increased significantly, while Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) decreased considerably.