Victor EzejaThe Federation Account Allocation Committee (FAAC), has disbursed N907.054 billion to federal government, states, and local government councils from Nigeria’s June revenue.
This was made known in a communiqué issued on Thursday in Abuja by the Director of the Press, Office of the Accountant General of the Federation, Bawa Mokwa, at the end of the FAAC meeting for July 2023.
The meeting was chaired by the Accountant General of the Federation, Oluwatoyin Madein.
According to the communique, the amount rose by N192.425 billion which represents 26.93 per cent increase from N714.629 billion shared in May.
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The amount distributed comprised statutory revenue of N301.501 billion, Value Added Tax revenue of N273.225 billion, Electric Money Transfer Levy of N11.436 billion and Exchange Difference revenue of N320.892 billion.
The balance in the Excess Crude Account as of June stood at $473,754.57.
The communiqué further indicated that out of N907.054 billion shared by FAAC, the federal government got N345.564 billion, state Governments got N295.948 billion and local government councils received N218 billion, while a total sum of N47.478 billion was shared to the selected states as 13 percent derivation revenue.
“Gross statutory revenue of N1,152.921 billion was received for June 2023. It was higher than N701.787 billion received in the previous month by N451.134 billion,” the communiqué revealed.
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% 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.
According to the communiqué, in the month of June 2023, Companies Income Tax (CIT) recorded tremendous increase. Import and Excise Duties, Value Added Tax (VAT), Oil and Gas Royalties increased significantly, while Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) decreased considerably.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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