FAAC shares N605bn in June — N11bn less than May disbursement

A total sum of N605.958 billion has been shared by the three tiers of government as revenue from the federation accounts allocation committee (FAAC).

This is the revenue from the month of May disbursed in June.

In a statement, Charles Nwodo, spokesperson of the federal ministry of finance, budget and national planning, said the revenue was shared during the FAAC virtual meeting on Wednesday.

The disbursed fund is lower by N11 billion when compared to the N616.886 billion received from FAAC in April as revenue allocated in May.

It also shows a significant decline when compared to FAAC disbursements of N680.33 billion for revenue accrued in March.

The federal government received N242.120 billion, the states got N194.19 billion, and local government councils were allocated N143.742 billion.

Oil-producing states also received N26.901 billion as 13 percent derivation, while gross revenue available from the value-added tax for May was N181.078 billion.

From the VAT revenue, federal government got N25.260 billion, states received N84.202 billion, while local government councils were allocated N58.941billion.

A sum of N428.198 billion was distributed as statutory revenue out of which the federal government received N175.541 billion, states got N89.037 billion, LGCs got N69.644 billion and 13 per cent derivation from mineral revenue was N24.666 billion.

The statement noted that companies income tax, and oil and gas royalties, import and excise duty recorded decreases, while VAT increased marginally.

Also, exchange gain was N1.727 billion, while augmentation from non-oil revenue was put at N70 billion.