FG, states, councils shared N763 billion for June
A total of N762.597 billion has been distributed as June allocation to the Federal Government, 36 states and the 774 council areas.
A communiqué issued by the Technical Sub Committee of the Federation Account Allocation Committee (FAAC) and signed by the Accountant-General of the Federation, Ahmed Idris at the end of their meeting yesterday in Abuja, indicated that the gross statutory revenue of N652.949 billion received for the month was higher than the N571.731 billion gotten the previous month, representing a N 81.218 billion increase.
Revenue from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) also increased significantly. Value Added Tax (VAT) equally leaped marginally while royalties, import and excise duties decreased considerably.
The total revenue distributable for the current month (including VAT and exchange gain) stood at N762.597 billion.
The current allocation comprises the month’s statutory distributable revenue of N652.949 billion. The gross revenue available from the VAT was N108.631 billion as against the N106.826 billion distributed the preceding month, resulting in an increase of N1.805 billion.
Furthermore, from net statutory revenue, the Federal Government received N309.433 billion representing (52.68 per cent); states, N201.157 billion (26.72 per cent) and councils’ N 151.384 billion (20.60 per cent) while the oil-producing states took receipt of N38.705 billion (35 per cent) as 13 per cent derivation revenue.
For VAT proceeds, the central government got N15.643 billion (15 per cent), states went home with N52.143 billion (50 per cent) and the local councils pocketed N36.50 billion (35 per cent).
The Excess Crude balance as at yesterday was $111.204 million.