FAAC: FG, States, LGs received N733bn in on month

The ministry of finance stated in the communique that from this amount, the Federal Government received N304.95billion, States received N215.57billion and Local Governments received N161.10billion.

Oil-producing states received N51.470billion as derivation (13 per cent of mineral revenue).

“In June 2021, the sum of N87.46billion was the total deductions for the cost of collection, statutory transfers and refunds.

The balance in the Excess Crude Account was $60.85million,” the statement added.

It also disclosed that the distributable statutory revenue available for the month was N585.75illiobn.

The distribution of the sum was as follows: Federal Government; N281.62billion, States; N142.84billion, Local governments; N110.12billion while oil-producing states were given the sum of N51.15billion as derivation (13 per cent of mineral revenue).

The statement added that the gross revenue of N154.46billion received from Value Added Tax (VAT) was lower than the N181.07billion received in the previous month.

It noted that the sum of N4.63billion allocation to North East Development Commission and N6.17billion cost of revenue collection was deducted from the gross VAT revenue of N154.46billion, resulting in the distributable VAT revenue of N143.65billion.

From this amount, the Federal Government received N21.54 billion; States received N71.82billion while Local Governments received N50. 278billion.

“From the Exchange Gain revenue of N3.691billion, the Federal Government received N1.781billion, the State Governments receive N0.9billion, the Local Government Councils received N0.69billion and N0.311billion was given to the relevant States as 13 per cent derivation revenue,” it added.

According to the Communiqué, in the month of June, Petroleum Profit Tax, Companies Income Tax, Oil and Gas Royalties, Import and Excise Duty recorded substantial increases while VAT decreased significantly.