FAAC shares N733.095 billion of June, 2021 revenue to FG, States, LGs

The Federation Accounts Allocation Committee (FAAC) has shared a total of N733.095 billion as June 2021 Federation Account Revenue to the Federal, States and Local Governments Councils.

This was contained in a communiqué issued at the end of the virtual meeting of the Federation Account Allocation Committee (FAAC) for July 2021.

The N733.095 billion total distributable revenue comprised distributable statutory revenue of N585.752 billion; distributable Value Added Tax (VAT) revenue of N143.652 billion and Exchange Gain of N3.691 billion.

In June 2021, the sum of N87.469 billion was the total deductions for cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account (ECA) was $60.853 million.

The communiqué confirmed that from the total distributable revenue of N733.095 billion; the Federal Government received N304.952 billion, the State Governments received N215. 572 billion, and the Local Government Councils received N161.100 billion. The sum of N51.470 billion was shared to the relevant States as 13% derivation revenue.

The distributable statutory revenue of N585.752 billion was available for the month. From this, the Federal Government received N281.624 billion, the State Governments received N142.843 billion and the Local Government Councils received N110.126 billion. The sum of N51.159 billion was given to the relevant States as 13% derivation revenue.

In the month of June 2021, the gross revenue available from the Value Added Tax (VAT) was N154.465 billion. This was lower than the N181.078 billion available in the month of May by N26.613 billion. The sum of N4.634 billion allocation to NEDC and N6.179 billion cost of revenue collection was deducted from the gross Value Added Tax (VAT) revenue of N 154.465 billion, resulting in the distributable Value Added Tax (VAT) revenue of N143.652 billion. From the N143.652 billion, the Federal Government received N21.548 billion, the State Governments received N71.826 billion and the Local Government Councils received N50. 278 billion.

From the Exchange Gain revenue of N3.691 billion, the Federal Government received N1.781 billion, the State Governments receive N0.903 billion, the Local Government Councils received N0.696 billion and N0.311 billion was given to the relevant States as 13% derivation revenue.

According to the Communiqué, in the month of June 2021, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duty recorded substantial increases while Value Added Tax (VAT) decreased significantly.