The Federation Account Allocation Committee (FAAC) has announced the disbursement of N907.05 billion among the three tiers of the Nigerian government for the month of June 2023.
This figure represents a substantial increase of N120.893 billion compared to the N786.161 billion shared in the previous month of May.
Details of the revenue disbursement were contained in a communiqué issued at the end of the FAAC meeting held in Abuja, chaired by Oluwatoyin Madein, the Accountant-General of the Federation.
According to the committee’s breakdown, the total revenue of N907.05 billion comprised distributable statutory revenue of N301.5 billion, distributable value-added tax (VAT) of N273.23 billion, and electronic money transfer levy (EMTL) income of N11.44 billion. The exchange difference revenue of N320.89 billion was also included.
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The committee stated that the total deduction for the cost of collection amounted to N73.23 billion, with additional total deductions for savings, transfers, and refunds totaling N979.07 million.
Among the three tiers of government, the federal government received N345.56 billion, states obtained N295.95 billion, and local governments collected N218.06 billion from the total distributable revenue of N907.05 billion.
Furthermore, N47.48 billion was shared with the relevant states as 13 percent derivation revenue.
Regarding the gross statutory revenue for June, the committee reported that N1.15 trillion was received, showing an increase of N451.13 billion compared to the previous month’s sum of N701.78 billion.
From the balance of N301.50 billion distributable statutory revenue, the federal government received N146.71 billion, states got N74.41 billion, while local governments were allocated N57.370 billion.
In terms of VAT, the gross revenue for June amounted to N293.41 billion, a notable rise of N23.21 billion from the N270.19 billion recorded in May.
From the N273.23 billion distributable VAT revenue, N40.98 billion was allocated to the federal government, states received N136.61 billion, and local governments obtained N95.63 billion.
Additionally, N11.43 billion from the EMTL was distributed, with the federal government receiving N1.715 billion, states obtaining N5.718 billion, and local governments getting N4.003 billion.
The FAAC also reported significant increases in companies income tax (CIT), import and excise duties, VAT, and oil and gas royalties, while petroleum profit tax and EMTL decreased considerably.
The balance in the excess crude account (ECA) was confirmed to stand at $473,754.57.