FAAC: FG, states, LGAs shared N1.35trn in June — up by N21bn

The federation account allocation committee (FAAC) says the three tiers of government shared N1.35 trillion in June.

The figure represents an increase of N21 billion compared to the N1.14 trillion shared in May.

FAAC issued a communique at its July meeting on Tuesday.

The meeting was chaired by Wale Edun, minister of finance and coordinating minister of the economy.

According to the communiqué, a total sum of N1.35 trillion was shared to the three tiers of government as federation allocation for June from a gross total of N2.48 trillion.

A breakdown of the total distributable revenue for June showed statutory revenue was N142 billion, and value-added tax (VAT) revenue of N523 billion.

The revenue also includes electronic money transfer levy (EMTL) earnings of N15 billion, exchange difference revenue of N472 billion, and exchange difference and augmentation of N200 billion, bringing the total distributable amount for the month to N1,354.37 trillion.

From the shared amount of N1.35 trillion, the committee said the federal government received N459.7 billion, states received N461.9 billion, and local government councils got N337 billion.

Also, oil-producing states received N95.5 billion as derivation (13 percent of mineral revenue).

The sum of N92.1 billion was given for the cost of collection, while N1.03 billion was allocated for transfer intervention and refunds.

The committee further said the gross revenue available from the VAT for June was N562.6 billion.

FAAC said this was higher than the N497.6 billion available in May.

Out of the distributable VAT revenue of N523 billion, the federal government received N78.5 billion, states received N261.9 billion and local governments got N183.3 billion.

The communique also said N142.5 billion gross statutory revenue was available for the month. 

From the distributable amount, the federal government received N48.9 billion, states got N24.82 billion, and N19.14 billion was allocated to local governments.

The sum of N49.5 billion was given to oil producing states as 13 percent derivation revenue.

In addition, FAAC said the federal government received N2.3 billion, states got N7.8 billion, local governments received N5.4 billion out of the N16.34 billion electronic money transfer levy (EMTL) distributed to the three tiers of government.

FAAC added that companies income tax (CIT) and VAT increased significantly, while import and excise duties and EMTL increased marginally. 

On the other hand, the committee said petroleum profit tax (PPT), royalty crude, rentals and customs external tarrif levies (CET) recorded considerable decreases.

The balance in the excess crude account (ECA) as of July stands at $473,754.57.