The Federation Accounts Allocation Committee (FAAC) has shared a total of 651.184 billion as of June 2020 Federation Account Revenue to the Federal, States and Local Governments Councils and relevant agencies in the country.
This was contained in a communiqué by the Federation Account Allocation Committee (FAAC) after its monthly meeting for July 2020 held through virtual conferencing; chaired by the Accountant General of the Federation, Ahmed Idris FCNA
The gross statutory revenue available in June 2020 was N524.526 billion; the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion. This brought the total revenue for the month to N696.184 billion. From this total, the sum of N45 billion was saved in the Excess Non-Oil Revenue Account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies.
The balance in the Excess Crude Account (ECA) as of 16th July 2020 was $72.407 million.
The gross statutory revenue of N524.525 billion available in June was higher than the N413.953 billion received in the previous month by N110.573 billion. Also, the gross revenue of N128.826 billion available from the Value Added Tax (VAT) was higher than the N103.873 billion in the previous month by N24.953 billion.
The communiqué indicated that from the total revenue, the Federal Government received N266.131 billion, the State Governments received N185.774 billion, and the Local Government Councils received N138.974 billion.
The Oil Producing States received N28.496 billion as 13% derivation revenue, N76.809 billion was given to revenue / Relevant Agencies as follows:
Cost of collection…..24.047
Transfer to NEDC…..3.865
Transfer to Excess non oil…..45.000
The Federal Government received N227.584 billion from the gross statutory revenue, the State Governments received N115.434 billion and the Local Government Councils received N88.995 billion. The sum of N24.722 billion was given to the relevant States as a 13% derivation revenue.
The Federal Government received N17.971 billion from the Value Added Tax (VAT) revenue, the State Governments received N59.904 billion, the Local Government Councils received N41.933 billion, and the revenue/ Relevant Agencies received,5.153 as cost of collection and 3.865 transferred to NEDC, totalling N9.018 billion
The communiqué confirmed that the Federal Government received N20.576 billion, the State Governments received N10.436 billion, the Local Government Councils received N8.046 billion and the Oil Producing States received N3.774 billion from the Exchange Gain revenue.
The Communiqué stated that in the month of June 2020, Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases while Petroleum Profit Tax declined.