The Federation Account Allocation Committee (FAAC) has shared N2.550 trillion among the Federal Government, states and local government councils as revenue allocation for June.
The Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mokwa, disclosed this in a statement issued on Wednesday in Abuja.
Mokwa said the allocation was made during FAAC’s July meeting, adding that the distributable revenue comprised N1.809 trillion from statutory revenue and N740.724 billion from Value Added Tax (VAT).
According to the FAAC communiqué, the gross revenue available for the month stood at N4.500 trillion. The committee deducted N160.744 billion as the cost of revenue collection, while total transfers and refunds amounted to N1.789 trillion.
The communiqué stated that statutory revenue for June stood at N3.700 trillion, representing an increase of N1.049 trillion compared with the N2.651 trillion recorded in May.
It added that VAT revenue generated in June totalled N799.746 billion, which was N56.078 billion higher than the N743.688 billion recorded in the previous month.
From the total distributable revenue of N2.550 trillion, the Federal Government received N923.438 billion, state governments received N838.208 billion, while local government councils received N591.390 billion. A further N197.610 billion, representing 13 per cent derivation revenue from mineral resources, was shared among benefiting states.
On the statutory revenue component of N1.809 trillion, the Federal Government received N849.366 billion, states received N430.810 billion, and local government councils received N332.136 billion. The benefiting states also received N197.610 billion as derivation revenue.
For the VAT allocation of N740.724 billion, the Federal Government received N74.072 billion, state governments received N407.398 billion, and local government councils received N259.253 billion.
Mokwa said revenue sources including Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty Tax (SDT), petroleum royalties, gas flaring penalties, rental income and VAT recorded significant increases during the month.
He added that import duty and Common External Tariff (CET) levies also increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), mineral royalties and fees recorded considerable declines. Excise duty, he said, increased marginally.
