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FG, States, Local councils share N762.597b for June

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The three tiers of government – federal, 36 states and 774 local government areas on Thursday shared N762.597 a allocation from the Federation Account for the month of June.

The Communique issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) and signed by the Accountant-General of the Federation at the end of the meeting held in Abuja on Thursday, indicated that the gross statutory revenue of N652.949 billion received for the month was higher than the N571.731 billion received in the previous month by N81.218 billion.

According to the communique, the Revenue from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly. The Value Added Tax (VAT) also increased marginally while royalties, import and Excise duties decreased considerably.

At the end of the FAAC meeting, the total revenue distributable for the current month (including VAT and Exchange Gain) was put at N762.597 billion.

The shared amount comprise the month’s Statutory distributable revenue of N652.949 billion, the gross revenue available from the Value Added Tax (VAT) is N108.631 billion as against N106.826 billion distributed in the preceding month, resulting in an increase of N1.805 billion.

From the net statutory revenue, the Federal Government got N309.433 billion representing (52.68 per cent); states governments received N201.157 billion (26.72 per cent); local government councils got N151.384 billion representing (20.60 per cent), while the oil producing states received N38.705 billion (35%) as 13% derivation revenue.

From the revenue available from the VAT, the Federal Government received N15.643 billion (15per cent), states got N52.143 billion (50 per cent) and the local government councils received N36.500 billion (35 per cent).

Consequently the total revenue distributable for the month of June, including the VAT, stood at N762.597 billion.

The Excess Crude balance was put at $111.204  million.

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