FAAC shares N651.18bn to Federal MDAs, states, LGs in June

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The Federation Accounts Allocation Committee (FAAC) in Nigeria has shared N651.18 billion Federation Account revenue to the Federal, states and local government councils and relevant ministries, departments and agencies (MDAs) for June 2020.

Mr. Henshaw Ogubike, Director Information, Press and Public Relations of FAAC, in a statement announced the figures Sunday, July 19, in Abuja, FCT, agency report stated.

Ogubike said the monthly meeting, held by virtual conferencing, was chaired by Ahmed Idris, Accountant-General of the Federation (AGF).

According to the Director, the gross statutory revenue available in June was N524.52 billion while the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion.

This brought the total revenue for the month to N696.18 billion, said the statement.

From this total, the sum of N45 billion was saved in the excess non-oil revenue account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies, Ogubike said.

He further disclosed that the Federal Government received N266.13 billion, the state governments got N185.77 billion and the local government councils received N138.97 billion.

The oil-producing states received N28.49 billion as 13 per cent derivation revenue while N76.80 billion was given to revenue and relevant agencies, stated he.

He added that in June, import and excise duty, VAT, companies income tax, oil and gas royalty recorded significant increases while petroleum profit tax declined.

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