FAAC Shares N651.18bn June Revenue to FG, States, LGs

The Federation Accounts Allocation Committee has shared a total of N651.18bn as June 2020 Federation Account Revenue to the Federal, States and Local Governments Councils and relevant agencies in the country. 

This was contained in a communiqué by FAAC after its monthly meeting for July 2020 held through virtual conferencing; chaired by the Accountant General of the Federation, Ahmed Idris FCNA
 

The gross statutory revenue available in June 2020 was N524.52bn; the gross revenue from the Value Added Tax was N128.82bn and the revenue from Exchange Gain was N42.83bn.

This brought the total revenue for the month to N696.184 bn.

From this total, the sum of N45bn was saved in the Excess Non-Oil Revenue Account and the balance of N651.18bn was shared to the three tiers of government and relevant revenue generating agencies.

The balance in the Excess Crude Account as at 16th July, 2020 was $72.4m 
  

The gross statutory revenue of N524.525bn available in June was higher than the N413.95bn received in the previous month by N110.57bn.

Also, the gross revenue of N128.82bn available from VAT was higher than the N103.87bn in the previous month by N24.95bn.

The communiqué indicated that from the total revenue, the Federal Government received N266.13bn, the State Governments received N185.77bn, and the Local Government Councils received N138.97bn.

The Oil Producing States received N28.49bn as 13 per cent derivation revenue, while N76.8bn was given to revenue agencies.

From the VAT recenue, the Federal Government received N17.97bn, the State Governments received N59.9bn, the Local Government Councils received N41.93bn, and the balance went to Revenue Agencies.

The communiqué confirmed that the Federal Government received N20.57bn, the State Governments received N10.43bn, the Local Government Councils received N8.046bn and the Oil Producing States received N3.774bn from the Exchange Gain revenue.  

The Communiqué stated that in the month of June, Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases while Petroleum Profit Tax declined during the period.