By Matthew Denis Abuja
The Federation Account Allocation Committee (FAAC), at its Meeting shared a total sum of N802.407 billion to the three tiers of government, as federation allocation for the month of June, 2022.
From this stated amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N321.859 billion, the States received N245.418 billion, the Local Government Councils got N182.330 billion, while the Oil producing states received N52.799 billion as derivation, (13% of Mineral Revenue).
The communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for June 2022 was N193.827 billion. The distribution is as follows; Federal Government got N29.074 billion, the States received N96.914 billion, Local Government Councils got N67.839 billion.
Accordingly, the Gross Statutory Revenue of N608.580 billion was distributed, from which the Federal Government was allocated the sum of N292.785 billion, States got N148.505 billion, LGCs got N114.491 billion, and Oil Derivation (13% Mineral Revenue) got N52.799 billion.
The communiqué further revealed that Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) recorded tremendous increases, while Import Duty, Oil and Gas Royalties increased marginally. However, Excise Duties decreased significantly, while Value Added Tax (VAT) decreased marginally.
It was further disclosed that total revenue distributable for the current month of June was drawn from Statutory Revenue of N608.580 billion and Value Added Tax (VAT) of N193. 827 billion bringing the total distributable for the month to N802.407 billion.
The balance in the Excess Crude Account (ECA), as at 26th July, 2022 stands at $376,655.09 million.