June 2020: FAAC shared N651bn to FG, States, LGAs

 

The Federation Accounts Allocation Committee (FAAC) has disbursed N651.184 billion to the Federal, States, Local government areas and other relevant agencies as allocation for June 2020

FAAC disclosed this in a statement issued by its Director of Information, Press and Public Relations, Henshaw Ogubike.

The statement added that the decision followed FAAC’s monthly meeting for July 2020 which was held virtually and chaired by the Accountant General of the Federation, Ahmed Idris.

“The gross statutory revenue available in June 2020 was N524.526 billion; the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion,” the statement said.

“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 statement reads.

Henshaw Ogubike, in the statement also stressed , “the balance in the Excess Crude Account (ECA) as at 16th July, 2020 was $72.407 million, explaining that the gross statutory revenue of N524.525 billion available in June was higher than the N413.953 billion received in the previous month by N110.573 billion.”

It also added that the gross revenue of N128.826 billion available from the Value Added Tax (VAT) was higher than the N103.873 billion in the previous month by N24.953 billion.

The statement noted that from the total revenue, the Federal Government received N266.131 billion, the State Governments received N185.774 billion, and the Local Government Councils received N138.974 billion.

Continuing, the oil producing states got N28.496 billion as 13% derivation revenue, N76.809 billion was given to revenue / Relevant Agencies as follows:

Cost of collection…..24.047,

Transfer to NEDC…..3.865

PTF….3.897

Transfer to Excess non oil…..45.000

TOTAL……76.809.

It equally said the Federal Government got N227.584 billion from the gross statutory revenue, the State Governments received N115.434 billion and the Local Government Councils had N88.995 billion.

N24.722 billion was given to the relevant States as 13% derivation revenue, also.

The Federal Government got N17.971 billion from the Value Added Tax (VAT) revenue, the State Governments received N59.904 billion, the Local Government Councils had N41.933 billion, and the revenue/ Relevant Agencies received ,5.153 as cost of collection and 3.865 transferred to NEDC , amounting to N9.018 billion, the statement added.

In a related development, FAAC said the Federal Government received N20.576 billion, the State Governments had N10.436 billion, the Local Government Councils got N8.046 billion and the oil producing states received N3.774 billion from the Exchange Gain revenue.

In June 2020, Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty reported major rises just as Petroleum Profit Tax declined.