FAAC shares N760bn to FG, States, LGs
The Federation Account Allocation Committee (FAAC) has shared the sum of N907.054 billion to the federal, state and local governments.
Director (Press and Public Relations) of the Office of the Accountant General of the Federation (OAGF), Mr Bawa Mokwa in a statement said that the sum was from revenues that accrued to the Federation Account and proceeds of Value Added Tax in the month of June.
Last night’s meeting was chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.
A communiqué issued at the end of the meeting showed that the expected massive distributable funds following the petrol subsidy removal did not materialise.
The average FAAC monthly distribution has been in the region of N700 billion and many Nigerians expected a huge increase in the monthly distribution after the petrol subsidy removal.
The N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of N273.225 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.436 billion and Exchange Difference revenue of N320.892 billion.
In June 2023, the total deductions for the cost of the collection were N73.235 billion and the total deductions for savings, transfers and refunds were N979.078 billion.
The balance in the Excess Crude Account (ECA) was $473,754.57.
Out of the N907.054 billion; the Federal Government received N345.564 billion, the State Government received N295.948 billion and the Local Government Councils received N218.064 billion. A total sum of N47.478 billion was shared to the relevant States as 13 per cent derivation revenue.
Gross statutory revenue of N1,152.921 billion was received for the month of June 2023. This was higher than the sum of N701.787 billion received in the previous month by N451.134 billion.
From the N301.501 billion distributable statutory revenue, the Federal Government received N146.710 billion, the State Governments received N74.413 billion and the Local Government Councils received N57.370 billion.
The sum of N23.008 billion 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 N293.411 billion. This was higher than the N270.197 billion available in the month of May 2023 by N23.214 billion.
The Federal Government received N40.984 billion, the State Governments received N136.613 billion and the Local Government Councils received N95.629 billion from the N273.225 billion distributable Value Added Tax (VAT) revenue.
The N11.436 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.715 billion, the State Governments received N5.718 billion and the Local Government Councils received N4.003 billion.
From the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155 billion, the State Governments received N79.204 billion, the Local Government Councils received N61.063 billion and the sum of N24.470 billion was shared to the relevant States as 13 percent mineral revenue.
