April 17, 2024 2:03 pm
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Federal, State, and Local Governments Bask in Sizzling Windfall of N907.054bn in June

FAAC Shares N907.054 Billion June 2023 Revenue to FG, States, and LGCs

The Federation Account Allocation Committee (FAAC) has distributed a total sum of N907.054 billion in June 2023 to the Federal Government, States, and Local Government Councils. This announcement was made at the end of the FAAC meeting for July 2023, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

The breakdown of the distributable revenue is as follows:

  1. Total distributable statutory revenue: N301.501 billion
  2. Total distributable Value Added Tax (VAT) revenue: N273.225 billion
  3. Total Electronic Money Transfer Levy (EMTL) revenue: N11.436 billion
  4. Total Exchange Difference revenue: N320.892 billion

In addition, there were deductions for the cost of collection amounting to N73.235 billion and deductions for transfers and refunds totaling N979.078 billion. The balance in the Excess Crude Account (ECA) stood at $473,754.57.

The allocation of the total distributable revenue is as follows:

  1. Federal Government: N345.564 billion
  2. State Governments: N295.948 billion
  3. Local Government Councils: N218.064 billion

An additional N47.478 billion was shared among relevant states as 13% derivation revenue.

Gross statutory revenue for June 2023 was N1,152.921 billion, surpassing the previous month’s figure by N451.134 billion.

From the distributable statutory revenue, the breakdown is as follows:

  1. Federal Government: N146.710 billion
  2. State Governments: N74.413 billion
  3. Local Government Councils: N57.370 billion

An additional N23.008 billion was shared as 13% derivation revenue to relevant states.

The gross revenue available from Value Added Tax (VAT) for June 2023 was N293.411 billion, a increase of N23.214 billion from the previous month.

The breakdown of the distributable VAT revenue is as follows:

  1. Federal Government: N40.984 billion
  2. State Governments: N136.613 billion
  3. Local Government Councils: N95.629 billion

The Electronic Money Transfer Levy (EMTL) of N11.436 billion was divided among the Federal Government (N1.715 billion), State Governments (N5.718 billion), and Local Government Councils (N4.003 billion).

Furthermore, the Exchange Difference revenue of N320.892 billion was divided as follows:

  1. Federal Government: N156.155 billion
  2. State Governments: N79.204 billion
  3. Local Government Councils: N61.063 billion

An additional N24.470 billion was shared as 13% mineral revenue to relevant states.

According to the communiqué, June 2023 saw a significant increase in Companies Income Tax (CIT), Import and Excise Duties, Value Added Tax (VAT), and Oil and Gas Royalties. However, Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) saw considerable decreases.

Bawa Mokwa
Director (Press and Public Relations)

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