FAAC: FG, states, LGAs share N802bn as allocation in June — up by N121bn

The federation account allocation committee (FAAC) says it shared N802.407 billion among the three tiers of government in June 2022.

The figure represents an increase of N121.624 compared to last month’s allocation.

The committee disclosed this in a communiqué issued on Tuesday at the end of its July meeting in Abuja.

The total revenue comprised of N608.580 billion statutory revenue and N193.827 billion value-added tax (VAT) revenue.

The breakdown showed that the federal government received N321.859 billion, state governments N245.418 billion, and local governments received N182.330 billion.

In June 2022, the gross revenue available from the value-added tax (VAT) was N208.148 billion — lower than the N213.179 billion available in May 2022.

Oil-producing states received N52.799 billion as derivation and 13 percent mineral revenue.

The balance in the excess crude account (ECA) dropped from $35.37 million to $376,655.

It added that the total deductions for transfers, savings, and refunds stood at N373.200 billion.

According to the communiqué, the distributable statutory revenue was distributed as follows; the federal government received N292.785 billion, state governments received N148.505 billion, and the local government received N114.491 billion.

On value-added tax (VAT), of the N193.827 billion, the federal government received N29.074 billion, state governments received N96.914 billion, and the local governments received N67.839 billion.

The communiqué further revealed that companies’ income tax and petroleum profit tax increased significantly, while import duty and oil and gas royalties increased marginally.