The Federation Accounts Allocation Committee has allocated the sum of N651.18bn as June 2020 Federation Account Revenue to the three tiers of government.
This is contained in a communiqué by FAAC, issued after its monthly meeting for July 2020, held through virtual conferencing.
The meeting was chaired by the Accountant General of the Federation, Ahmed Idris.
The Communiqué stated that in the month of June, Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases, while Petroleum Profit Tax declined during the period.
The gross statutory revenue available in June 2020 was N524.52bn; the gross revenue from the Value Added Tax was N128.82bn and revenue from Exchange Gain was N42.83bn.
This brought the total revenue for the month to N696.184bn.
From this total, the sum of N45bn was saved in the Excess Non-Oil Revenue Account and the balance of N651.18bn was shared to the three tiers of government and relevant revenue generating agencies.
The balance in the Excess Crude Account, as at 16th July, 2020 was $72.4m.
The gross statutory revenue of N524.525bn available in June was higher than the N413.95bn received in the previous month by N110.57bn.
Also, the gross revenue of N128.82bn available from VAT was higher than the N103.87bn in the previous month by N24.95bn.
The communiqué indicated that from the total revenue, the Federal Government received N266.13bn, the State Governments received N185.77bn, and the Local Government Councils received N138.97bn.
The Oil Producing States received N28.49bn as 13 per cent derivation revenue, while N76.8bn was given to revenue agencies.
From the VAT recenue, the Federal Government received N17.97bn, the State Governments received N59.9bn, the Local Government Councils received N41.93bn, and the balance went to Revenue Agencies.
The communiqué confirmed that the Federal Government received N20.57bn, the State Governments received N10.43bn, the Local Government Councils received N8.046bn and the Oil Producing States received N3.774bn from the Exchange Gain revenue.
