The Federation Account Allocation Committee (FAAC) has shared a total sum of ₦802.407 billion to the Federal Government, States and Local Government Councils.

The funds represented Federation Revenue earned in the month of June, to be used for expenditure in the month of July.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting, in Abuja.

The ₦802.407 billion total distributable revenue comprised distributable statutory revenue of ₦608.580 billion and distributable Value Added Tax (VAT) revenue of ₦193.827 billion.

Total deductions for cost of collection paid to the Federal Inland Revenue Service (FIRS) and Nigeria Customs Servoce stood at ₦44.606 billion.

Similarly, deductions for transfers, savings, refunds was a total sum of ₦373.200 billion.

 

The balance in the Excess Crude Account (ECA) was $376,655.09

The communiqué confirmed that from the total distributable revenue of ₦802.407 billion; the Federal Government received ₦321.859 billion, the State Governments, ₦245.418 billion; while Local Government Councils received ₦182.330 billion.

The sum of ₦52.799 billion was shared to the oil producing states as 13% derivation revenue. Gross statutory revenue of ₦1. 012 trillion was received for the month of June 2022. This was higher than the sum of ₦589.952 billion received in the previous month by ₦422.113 billion.

From the ₦608.580 billion distributable statutory revenue, the Federal Government received ₦292.785 billion, the State Governments received ₦148.505 billion and the Local Government Councils received ₦114.491 billion.

 

In the month of June 2022, the gross revenue available from the Value Added Tax (VAT) was ₦208.148 billion.

This was lower than the ₦213.179 billion available in the month of May 2022 by ₦5.031 billion.

From the ₦193.827 billion distributable Value Added Tax (VAT) revenue, the Federal Government received ₦29.074 billion, the State Governments received ₦96.914 billion and the Local Government Councils received ₦67.839 billion.

According to the Communiqué, in the month of June 2022, Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) recorded tremendous increases, while Import Duty, Oil and Gas Royalties increased marginally.

Excise Duties decreased significantly while Value Added Tax (VAT) decreased.

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