The Federation Account Allocation Committee (FAAC) has shared a total sum of N802.407billion June 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.
Out of the amount, the Federal Government received N321.859billion, the State Governments received N245.418billion and the Local Government Councils received N182.330billion.
The Office of Accountant General of Federation stated that the sum of N52.799billion was shared to the relevant states as 13percent derivation revenue.
The sharing was contained in a communiqué issued at the end of FAAC meeting for July held in Abuja.
The N802.407billion total distributable revenue comprised distributable statutory revenue of N608.580billion and distributable Value Added Tax (VAT) revenue of N193.827billion.
In June, the total deductions for cost of collection was N44.606billion and deductions for transfers, savings, refunds and 13percent derivation to Anambra State was a total sum of N373.200billion.
The balance in the Excess Crude Account (ECA) was $376,655.09.
The communiqué confirmed that from the total distributable revenue of N802.407billion;Gross statutory revenue of N1,012.065billion was received for the month of June 2022.
This was higher than the sum of N589.952billion received in the previous month by N422.113billion.
From the N608.580billion distributable statutory revenue, the Federal Government received N292.785billion, the State Governments received N148.505billion and the Local Government Councils received N114.491billion.
The gross revenue available from VAT was N208.148billion.
This was lower than the N213.179billion available in the month of May 2022 by N5.031billion.
From the N193.827billion distributable VAT revenue, the Federal Government received N29.074billion, the State Governments received N96.914billion and the Local Government Councils received N67.839billion.
According to the communiqué, Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) recorded tremendous increases, while Import Duty, Oil and Gas Royalties increased marginally.
Excise Duties decreased significantly while VAT decreased marginally.
