FAAC: FG, States, LGs Share N733.095bn June Allocation

The Federation Accounts Allocation Committee (FAAC) has shared N733.095billion as June, 2021 allocation from the Federation Account to the Federal, States and Local Governments Councils.
This was revealed in a statement by the Office of Accountant General of the Federation, at the weekend.
The statement disclosed that the N733.095billion total distributable revenue comprised distributable statutory revenue of N585.752billion, distributable Value Added Tax (VAT) revenue of N143.652billion and Exchange Gain of N3.691billion.
The sum of N87.469billion was the total deductions for cost of collection, statutory transfers and refunds from June allocation distributed in July.
Balance in the Excess Crude Account (ECA) was $60.853million.
The statement quoted a communiqué at the end of the virtual meeting as confirming that from the N733.095billion, Federal Government received N304.952billion, states received N215.572billion, and local government councils got N161.100billion.
The nine oil producing states shared N51.470billion as 13 per cent derivation revenue.
The sum of N4.634billion allocation to the NEDC, and N6.179billion cost of revenue collection was deducted from the gross Value Added Tax revenue of N154.465billion, resulting in the distributable Value Added Tax revenue of N143.652billion.
From the N143.652billion, the Federal Government received N21.548billion, the State Governments received N71.826billion and the Local Government Councils received N50. 278billion.
From the Exchange Gain revenue of N3.691billion, the Federal Government received N1.781billion, State Governments receive N0.903billion, Local Government Councils received N0.696billion and N0.311billion was given to the nine states as 13 per cent derivation revenue.
According to the communiqué, in June, 2021, Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duty recorded substantial increases, while Value Added Tax decreased significantly.