The Federation Accounts Allocation Committee (FAAC) on Friday confirmed that a total of N733.095 billion was distributed as June 2021 Federation Account revenue to the three tiers of government,
The committee disclosed this in a communiqué issued at the end of the virtual meeting of the FAAC for July 2021.
According to the FAAC, the N733.095 billion distributable revenue comprised distributable statutory revenue of N585.752 billion; distributable Value Added Tax (VAT) revenue of N143.652 billion and Exchange Gain of N3.691 billion.
This is even as it stated that the sum of N87.469 billion was the total deductions for cost of collection, statutory transfers and refunds just as it added that the balance in the Excess Crude Account (ECA) stood at $60.853 million.
The communiqué indicated that out of the total distributable revenue of N733.095 billion; the Federal Government got N304.952 billion, the State Governments shared N215.572 billion, and the Local Governments received N161.100 billion. The sum of N51.470 billion was shared to the relevant States as 13% derivation revenue.
Out of the distributable statutory revenue of N585.752 billion for the month, the Federal Government received N281.624 billion, the State Governments got N142.843 billion and the Local governments shared N110.126 billion. The sum of N51.159 billion was given to the oil producing states as 13% derivation revenue.
The gross revenue from the Value Added Tax (VAT) during the month was N154.465 billion, representing N26.613 billion lower than the N181.078 billion available in the month of May
From the total VAT accruals, the sum of N4.634 billion allocation to NEDC and N6.179 billion cost of revenue collection were deducted from the gross VAT, This reduced the distributable VAT revenue of N143.652 billion.
Out of the distributable VAT accruals, the Federal Government got N21.548 billion, the State Governments received N71.826 billion and the Local Governments received N50. 278 billion.
From the Exchange Gain revenue of N3.691 billion, the Federal Government got N1.781 billion while the State Governments and the Local Government Councils received N0.903 billion and N0.696 billion respectively. The balance of N0.311 billion was shared among some states as 13% derivation revenue.
The FAAC further stated that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duty collections increased while Value Added Tax (VAT) dropped.
