The Federation Account Allocation Committee (FAAC) has shared N2.550 trillion among Nigeria’s three tiers of government – the Federal Government, States and the Local Government Councils for the month of June.
The Director, Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Mr. Bawa Mokwa, said in a statement on Wednesday in Abuja that the revenue was shared at the July meeting of the committee.
He said that N2.550 trillion distributable revenue comprised statutory revenue of N1.809 trillion, Value Added Tax (VAT) of N740.724 billion.
Mokwa said that the gross revenue of N4.500 trillion was available in the month of June and that a total deduction for cost of collection was N160.744 billion, while total transfers and refunds stood at N1.789 trillion.
According to the communique after the meeting, the statutory revenue of N3.700 trillion was received for the month of June and that the figure was higher than N2.651 trillion received in the preceding month by N1.049 trillion.
Mokwa said that the gross revenue of N799.746 billion was available from the Value Added Tax (VAT) in June that it was higher than N743.688 billion available in the month of May by N56.078 billion.
He explained that from N2.550 trillion revenue, the Federal Government received a total sum of N923.438 billion and the state governments received N838.208 billion.
“The Local government councils received N591.390 billion, while the sum of N197.610 billion (13 per cent of mineral revenue) was shared to the benefiting state as derivation revenue.
“On the N1.809 trillion statutory revenue, the communiqué stated that the Federal Government received N849.366 billion and the state governments received N430.810 billion.
“The Local Government Councils received N332.136 billion and N197.610 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” he said.
The director also said that from the N740.724 billion Value Added Tax (VAT) revenue, the Federal Government received N74.072 billion, while the state governments received N407.398 billion and the LGs received N259.253 billion.
Mokwa said that in June, Companies income Tax (CIT), CGT, SDT, Petroleum Royalties, Gas Flared, Rental & MOR, Value Added Tax increased significantly, while import duty and CET levies also increased significantly and the Excise Duty increased only marginally.
According to him, the Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties and Fees, on the other hand, decreased considerably.
GIK/APA