Federation Account Allocation Committee (FAAC) gained N121,624 billion in one month, to raise the total amount disbursed in June to N802.407 billion, as against N680,783 billion shared in May.

This was as the balance in the Excess Crude Account (ECA) also dropped to $376,655.09 million, from $35.377 million in May.

In a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2022, held in Abuja, about N802.407 billion total revenue comprised distributable statutory revenue of N608.580 billion and distributable Value Added Tax (VAT) revenue of N193.827 billion.

In June 2022, the total deductions for cost of collection was N44.606 billion and deductions for transfers, savings, refunds and 13 per cent derivation to Anambra State was N373.200 billion.

The communiqué confirmed that from the total distributable revenue of N802.407 billion; the Federal Government received N321.859 billion, State Governments received N245.418 billion and Local Government Councils received N182.330 billion. The sum of N52.799 billion was shared to the relevant oil producing states as 13 per cent derivation revenue.

Gross statutory revenue of N1,012.065 billion was received for the month of June 2022 which was higher than the sum of N589.952 billion received in the previous month by N422.113 billion.

From the N608.580 billion distributable statutory revenue, the Federal Government received N292.785 billion, the State Governments received N148.505 billion and the Local Government Councils received N114.491 billion. The sum of N52.799 billion was shared to the relevant States as 13 per cent derivation revenue.

In the month of June, the gross revenue available from the Value Added Tax (VAT) was N208.148 billion. This was lower than the N213.179 billion available in the month of May 2022 by N5.031 billion.

From the N193.827 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N29.074 billion, the State Governments received N96.914 billion and the Local Government Councils received N67.839 billion.

According to the Communiqué, in the month of June 2022, Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) recorded tremendous increases, while Import Duty, Oil and Gas Royalties increased marginally. Excise Duties decreased significantly while Value Added Tax (VAT) decreased marginally. CONTINUE READING….

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