Speaking the Nations Mind

FG, States, LGs Shares N733b For Month Of June

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The Federation Accounts Allocation Committee (FAAC) has shared a total of ₦733.095 billion as June 2021 Federation Account Revenue to the Federal, States and Local Governments Councils.

This was contained in a communiqué issued at the end of the virtual meeting of the FAAC for July 2021, yesterday.

The ₦733.095 billion total distributable revenue comprised distributable statutory revenue of ₦585.752 billion; distributable Value Added Tax (VAT) revenue of ₦143.652 billion and Exchange Gain of 3.691 billion.

The sum of ₦87.469 billion was the total deductions for cost of collection,  statutory transfers and refunds.

The communiqué confirmed that from the total distributable revenue of ₦733.095 billion; the Federal Government received ₦304.952 billion, the State Governments received ₦215.572 billion, and the Local Government Councils received ₦161.100 billion. The sum of ₦51.470 billion was shared to the relevant States as 13% derivation revenue.

The distributable statutory revenue of ₦585.752 billion was available for the month.

From this, the Federal Government received ₦281.624 billion, the State Governments received ₦142.843 billion and the Local Government Councils received ₦110.126 billion. The sum of ₦51.159 billion was given to the relevant States as 13% derivation revenue.

The gross revenue available from the Value Added Tax (VAT) was ₦154.465 billion.

This was lower than the ₦181.078 billion available in the month of May by ₦26.613 billion.  The sum of ₦4.634 billion allocation to NEDC and ₦6.179 billion cost of revenue collection was deducted from the gross Value Added Tax (VAT) revenue of ₦154.465 billion, resulting in the distributable Value Added Tax (VAT)  revenue of ₦143.652 billion.  From the ₦143.652 billion, the Federal Government received ₦21.548 billion, the State Governments received ₦71.826 billion and the Local Government Councils received ₦50.278 billion.

From the Exchange Gain revenue of ₦3.691 billion, the Federal Government received ₦1.781 billion, the State Governments receive ₦0.903 billion, the Local Government Councils received N0.696 billion  and ₦0.311 billion was given to the relevant States as 13% derivation revenue.

The FAAC said that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duty recorded substantial increases while Value Added Tax (VAT) decreased significantly, without providing details.
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