The Federation Accounts Allocation Committee shared to the three tiers of government a total of N733.09bn as federation allocation for the month of June, a statement issued by the Ministry of Finance in Abuja on Friday night said.

The statement said it was disclosed a communiqué issued after FAAC’s virtual meeting for July.

The ministry stated that from this amount, the Federal Government received N304.95bn, states received N215.57bn, and Local Governments received N161.10bn.

Oil producing states received N51.47bn as derivation (13 per cent of mineral revenue).

“In June 2021, the sum of N87.46bn was the total deductions for cost of collection, statutory transfers and refunds. The balance in the Excess Crude Account was $60.85m,” the statement said.

It also disclosed that the distributable statutory revenue available for the month was N585.75bn.

The distribution of the sum was as follows: Federal Government; N281.62bn, states; N142.84bn, local governments; N110.12bn while oil producing states were given the sum of N51.15bn as derivation (13 per cent of mineral revenue).

The statement added that the gross revenue of N154.46bn received from Value Added Tax was lower than the N181.07bn received in the previous month.

It noted that the sum of N4.63bn allocation to North East Development Commision and N6.17bn cost of revenue collection was deducted from the gross VAT revenue of N154.46bn, resulting in the distributable VAT revenue of N143.65bn.

From this amount, the Federal Government received N21.54bn, states received N71.82bn while local governments received N50.278bn.

“From the exchange gain revenue of N3.69bn, the Federal Government received N1.78bn, the state governments received N0.9bn, the Local Government Councils received N0.69bn and N311m was given to the relevant states as 13 per cent derivation revenue,” it added.

According to the communiqué, in the month of June, Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duty recorded substantial increases while VAT decreased significantly.

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here