The Federation Account Allocation Committee (FAAC) has shared N2.550 trillion among the Federal Government, states, and local government councils as distributable revenue for June.
Mr Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), disclosed this in a statement issued on Wednesday in Abuja.
Mokwa said the revenue allocation was approved during the committee’s July meeting.
According to him, the N2.550 trillion shared among the three tiers of government comprised N1.809 trillion from statutory revenue and N740.724 billion from Value Added Tax (VAT).
He said the FAAC communiqué showed that a gross revenue of N4.500 trillion was available for the month under review.
Mokwa explained that total deductions for the cost of collection amounted to N160.744 billion, while transfers and refunds stood at N1.789 trillion.
The communiqué revealed that statutory revenue generated in June stood at N3.700 trillion, representing an increase of N1.049 trillion compared with the N2.651 trillion recorded in May.
The director added that VAT revenue available for distribution in June was N799.746 billion, higher than the N743.688 billion recorded in the previous month by N56.078 billion.
From the total distributable revenue of N2.550 trillion, the Federal Government received N923.438 billion, state governments received N838.208 billion, while local government councils received N591.390 billion.
A total of N197.610 billion, representing 13 per cent derivation revenue from mineral resources, was also shared among benefiting states.
On the N1.809 trillion statutory revenue component, the communiqué stated that the Federal Government received N849.366 billion, while states received N430.810 billion.
Local government councils received N332.136 billion, with the benefiting states receiving N197.610 billion as 13 per cent mineral revenue derivation.
Mokwa further stated that from the N740.724 billion VAT revenue, the Federal Government received N74.072 billion, state governments received N407.398 billion, and local government councils received N259.253 billion.
He added that revenue from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty Tax (SDT), petroleum royalties, gas flaring penalties, rental income and related revenue sources increased significantly in June.
According to him, Import Duty and Common External Tariff (CET) levies also recorded significant increases, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), mineral royalties and fees declined considerably during the period.
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