FAAC allocation to FG, states, LGAs increases by N120bn

The federation account allocation committee (FAAC) says it shared N907.05 billion among the three tiers of government in June 2023.

The June allocation shows an increase of N120.893 billion compared to the N786.161 shared in May 2023.

Details of the revenue disbursement were contained in a communiqué issued at the end of the FAAC meeting for July 2023 in Abuja on Thursday.

The meeting was chaired by Oluwatoyin Madein, accountant-general of the federation.

According to the committee, the N907.05 billion total revenue is comprised of distributable statutory revenue of N301.5 billion, distributable value-added tax (VAT) of N273.23 billion, and the electronic money transfer levy (EMTL) income of N11.44 billion.

FAAC the exchange difference revenue of N320.89 billion was included, adding that the total deduction for the cost of collection was N73.23 billion and total deductions for savings, transfers, and refunds was N979.07 million.

From the total distributable revenue of N907.05 billion; FAAC said the federal government received N345.56 billion, states got N295.95 billion, and local governments collected N218.06 billion.

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A total sum of N47.48 billion was shared with the relevant states as 13 percent derivation revenue.

Meanwhile, gross statutory revenue of N1.15 trillion was received for the month of June, the committee said.

FACC said the amount was higher than the sum of N701.78 billion received in the previous month by N451.13 billion.

From the balance of N301.50 billion distributable statutory revenue, the committee noted that the federal government got N146.71 billion, states received N74.41 billion, while the remaining N57.370 billion was given to local governments.

More so, the sum of N23 billion was shared with the relevant states as 13 percent derivation revenue, the revenue group noted.

On the gross revenue from VAT, FAAC said the amount for June was N293.41 billion — higher than the N270.19 billion recorded in the month of May by N23.21 billion.

READ ALSO: VAT revenue rises to N166.228bn as FAAC shares N696.965bn to FG, States, LG

The committee said N40.98 billion was allocated to the federal government, states received N136.61 billion and local governments got N95.63 billion from the N273.23 billion distributable VAT revenue.

FAAC added that N11.43 billion EMTL was distributed to the federal government (N1.715 billion), states (N5.718 billion), and local governments (N4.003 billion).

From the N320.89 billion exchange difference revenue, the federal government was given N156.15 billion, states collected N79.20 billion, while N61.06 billion was allocated to the local governments; as the sum of N24.47 billion was shared to the relevant states as 13 percent mineral revenue.

The committee further said 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.

The balance in the excess crude account (ECA) also stood at $473,754.57.