Home Nigeria N907bn Revenue Shared Between FG, State and Local Governments in FAAC Meeting

N907bn Revenue Shared Between FG, State and Local Governments in FAAC Meeting

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Local Governments
Local Governments

By Uche Amunike

A total sum of N907.054 billion  revenue, has been shared in the month of June 2023, between the federal, state and local governments in Nigeria, after the Federal Account Allocation Committee (FAAC) meeting held, Wednesday night in Abuja.

Speaking, through a statement released by the Director, Press and Public Relations, of the Office of the Accountant General of the Federation (OAGF), Mr. Bawa Mokwa, he attested that the sum was from the revenues that aggregated to the Federation Account and proceeds of Value Added Taxes in the month of June.

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fter the FAAC meeting, which was chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein, a communique was issued, where it was shown that the expected massive distributable funds following the petrol subsidy removal did not materialize.

According to the statement, the average FAAC monthly distribution has been within the limit of N700bn, which left many Nigerians expecting a huge increase in the monthly distribution after the petrol subsidy was removed.

The N907.054bn total distributable revenue consisted of distributable statutory revenue of N301.501bn, distributable Value Added Tax (VAT) revenue of N273.225bn, Electronic Money Transfer Levy (EMTL) revenue of N11.436bn and Exchange Difference revenue of N320.892bn.

The total deductions in the month of June 2023 for the cost of the collection were N73.235bn, while the total deductions for savings, transfers and refunds were N979.078bn. As for the Excess Crude Account (ECA), the balance stood at $473,754.57.

According to the findings at the FAAC meeting, the federal government received N345.564bn out of the N907.054bn. On their part, the state government received N295.948bn, while the local government councils received N218.064bn. A 13% derivation revenue was shared to the relevant states, totalling N47.478bn.

The Gross statutory revenue of N1,152.921bn was the total money received in June 2023, which was higher than the sum of N701.787bn received in the Month of May by 451.134bn.

The federal government received N146.710bn from the N301.501bn distributable statutory revenue, while the state government received N74.413bn, as the local government councils received N57.370bn. A 13% derivation revenue was shared to the relevant states to the tune of N23.008bn.

In June 2023, the gross revenue available from the Value Added Tax (VAT) was N293.411bn, which was higher than the N270.197bn available in May 2023 by N23.214bn.

The federal government received N40.984bn. The state government received N136.613bn, while the local government councils received N95.629bn from the N273.225bn distributable Value Added Tax (VAT) revenue.

As for the N11.436bn Electronic Money Transfer Levy (EMTL), it was shared as follows: N1.715bn was given to the federal government, while the State government and the local government councils received N5.718bn and N4.003bn, respectively.

The federal government received N156.155bn from the N320.892bn Exchange Difference revenue, while the state government received N79.204bn and the local governments councils on their part, N61.063bn. As for the relevant states, 13% mineral revenue was shared to them, to the tune of N24.470bn.

 

 

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