Tuesday, October 20, 2020
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FG, states, local governments share N651 billion revenue

The Federation Account Allocation Committee (FAAC) at the weekend shared a total of N651.184 billion as June 2020 allocation among the federal, states, local governments, and relevant agencies in the country.

This is N103.877 million higher than the N547.309 billion shared for the month of May.

A communiqué released by the FAAC after its monthly meeting at the weekend for the month of Julne 2020 which was held via virtual conferencing, put gross statutory revenue available at N524.526 billion.

According to the communique, the meeting chaired by the Accountant General of the Federation, Ahmed Idris, put gross revenue from the Value Added Tax (VAT) at N128.826 billion while revenue from the Exchange Gain was N42.832 billion. This brought the total revenue for the month to N696.184 billion.

From this total, the sum of N45 billion was saved in the Excess Non-Oil Revenue Account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies.

The breakdown shows that the federal government received N227.584 billion from the gross statutory revenue, states received N115.434 billion and the local government councils received N88.995 billion.

The sum of N24.722 billion was given to the relevant states as 13 per cent derivation revenue .

Similarly, the federal government received N17.971 billion from Value Added Tax (VAT) revenue, state governments received N59.904 billion, local government councils (N41.933 billion), while the revenue/relevant agencies received N5.153 billion as cost of collection.

The sum of N3.865 billion was transferred to the North East Development Commission (NEDC).

The communiqué disclosed that the federal government received N20.576 billion, the State Governments received N10.436 billion, the Local Government Councils received N8.046 billion and the Oil Producing States received N3.774 billion from the Exchange Gain revenue.

It added that in the month of June 2020, import and excise duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases while Petroleum Profit Tax declining.

The balance in the Excess Crude Account (ECA) as at July 16, 2020 was $72.407 million.

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