FG, states, LGAs share N907.05bn as revenue allocation for June

The three tiers of government on Thursday shared N907.05 billion as revenue allocation for June.

The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of a meeting in Abuja and chaired by the Accountant-General of the Federation, Dr. Oluwatoyin Madein.

According to the communiqué, the N907.05 billion total distributable revenue comprised distributable statutory revenue of N301.5 billion, distributable Value Added Tax (VAT) revenue of N273.23 billion, and Electronic Money Transfer Levy (EMTL) revenue of N11.44 billion.

It also included Exchange Difference revenue of N320.89 billion.

The communiqué read: “In June 2023, the total deductions for the cost of collection was N73.235 billion and total deductions for savings, transfers, and refunds was N979.078 million.

“The balance in the Excess Crude Account (ECA) was $473,754.57.

“The Federal Government received N345.56 billion, the state governments received N295.95 billion and the LGCs received N218.06 billion.

READ ALSO: FG, states, LGAs share N786.1bn for May

“A total sum of N47.48 billion was shared to the relevant states as 13 percent derivation revenue.

“Gross statutory revenue of N1.152 trillion was received for the month of June.

“This was higher than the sum of N701.787 billion received in the previous month by N451.134 billion.

“From the N301.501 billion distributable statutory revenue, the federal government got N146.710 billion, the state governments received N74.413 billion and the LGCs received N57.370 billion.

“The sum of N23.008 billion was shared to the relevant States as 13 percent derivation revenue.

“The gross revenue available from VAT was N293.411 billion. This was higher than the N270.197 billion available in the month of May by N23.214 billion.

“The federal government received N40.984 billion, the state governments received N136.613 billion and the LGCs got N95.63 billion from the N273.23 billion distributable VAT revenue.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now