Federation Accounts Allocation Committee (FAAC) released what has been described as a revenue windfall, the three tiers of government, the Federal, States and Local Government Councils on Thursday shared N907.054bn as FAAC allocation for June 2023.
The total sum, is a N120.893 billion increase from N786.161 billion that was shared in May 2023. This is the highest since January when a sum of ₦1.14 trillion was shared.
Details of the distributed sum was announced in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting in Abuja on Thursday night.
The meeting was chaired by the Accountant General of the Federation, Oluwatoyin Madein.
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According to the communique, the N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of N273.225 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.436 billion and Exchange Difference revenue of N320.892 billion.
In June 2023, the total deductions for cost of collection was N73.235 billion and total deductions for savings, transfers and refunds was N979.078 billion.
The balance in the Excess Crude Account (ECA) was $473,754.57.
Distribution of FAAC allocation for June 2023
The communiqué stated that from the total distributable revenue of N907.054 billion; the Federal Government received N345.564 billion, the State Governments received N295.948 billion and the Local Government Councils received N218.064 billion.
“A total sum of N47.478 billion was shared to the relevant States as 13 percent derivation revenue.
“Gross statutory revenue of N1,152.921 billion was received for the month of June 2023, higher than the sum of N701.787 billion received in the previous month by N451.134 billion.
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“From the N301.501 billion distributable statutory revenue, the Federal Government received N146.710 billion, the State Governments received N74.413 billion and the Local Government Councils received N57.370 billion. The sum of N23.008 billion was shared to the relevant States as 13 percent derivation revenue,” the communique read.
For the month of June 2023, the gross revenue available from the VAT was N293.411 billion, this was higher than the N270.197 billion available in the month of May 2023 by N23.214 billion.
Of the total VAT revenue, the Federal Government received N40.984 billion, the State Governments received N136.613 billion and the Local Government Councils received N95.629 billion.
Similarly, the N11.436 billion Electronic Money Transfer Levy (EMTL) was shared to the three tiers of government, of which the Federal Government received N1.715 billion, the State Governments received N5.718 billion and the Local Government Councils received N4.003 billion.
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Also, of the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155 billion, the State Governments received N79.204 billion, the Local Government Councils received N61.063 billion and the sum of N24.470 billion was shared to the relevant States as 13 percent mineral revenue.
According to the communiqué, in the month of June 2023, Companies Income Tax (CIT) recorded tremendous increase. Import and Excise Duties, Value Added Tax (VAT), Oil and Gas Royalties increased significantly, while Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) decreased considerably.
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