The Federation Accounts Allocation Committee (FAAC) has shared a total of N651.184 billion as June 2020 Federation Account Revenue to the Federal, States and Local Governments Councils and relevant agencies in the country. FAAC disclosed this after its monthly meeting for July 2020 held through virtual conferencing; chaired by the Accountant General of the Federation, Ahmed Idris FCNA.
This is according to the press release on Sunday by the Federal Ministry of Information & Culture signed by Henshaw Ogubike, mnipr, Director Information, Press and Public Relations.
According to the press release, the total revenue for the month of June was N696.184 billion, which comprises of N524.526 billion gross statutory revenue, N128.826 billion gross revenue from the Value Added Tax (VAT) and N42.832 billion revenue from the Exchange Gain.
From the total revenue for June, 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 balance in the Excess Crude Account (ECA) as at 16th July, 2020 was $72.407 million.
According to the press release, the Federal Government received N266.131 billion from the total revenue, the State Governments received N185.774 billion, and the Local Government Councils received N138.974 billion. The 13% derivation for Oil Producing States amounted to N28.496 billion. The sum of N76.809 billion was given to revenue/Relevant Agencies as follows;
- Cost of collection – N24.047 billion,
- Transfer to NEDC – N3.865 billion,
- PTF – N3.897 billion,
- Transfer to Excess non oil – N45.000 billion
Details
From the statutory revenue of N524.526 billion, the Federal Government received N227.584 billion, the State Governments 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% derivation revenue.
- Read also; NDDC received N333.05bn allocation in five years, what was it used for?
- Nigerian Stock Market Review and Stock pick for the week ahead 20th July – 24th July 2020
From the Value Added Tax (VAT) revenue of N128.826 billion, the Federal Government received N17.971 billion, the State Governments received N59.904 billion, the Local Government Councils received N41.933 billion, and the revenue/ Relevant Agencies received N5.153 billion as cost of collection and N3.865 billion transferred to North East Development Commission (NEDC), totalling N9.018 billion
From the Exchange Gain revenue of N42.832 billion, 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.
Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases while Petroleum Profit Tax declined in June 2020 according to the press release.
The gross statutory revenue and VAT revenue in June were higher than the amount recorded in May.
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. Also, 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.
Written by
Ifunanya Ikueze
