FAAC Disburses N802.407bn June Revenue

The Federation Account Allocation Committee has shared a total sum of N802.407 billion being revenue that was generated in June 2022 to the federal government, states and local governments in Nigeria. In June 2022, the total deductions for cost of collection by revenue agencies was put at N44.606 billion and deductions for transfers, savings, refunds and 13…

The Federation Account Allocation Committee (FAAC) has shared a total sum of N802.407 billion being revenue that was generated in June 2022 to the federal government, states and local governments in Nigeria.

This represents an increase of 17.86 per cent compared to the N680.783 billion disbursed for the month of May to the three tiers.

The information was contained in a communiqué issued at the end of the FAAC meeting for July 2022, held in Abuja.

The N802.407 billion total distributable revenue comprised distributable statutory revenue of N608.580 billion and distributable Value Added Tax (VAT) revenue of N193.827 billion.

In June 2022, the total deductions for cost of collection by revenue agencies was put at N44.606 billion and deductions for transfers, savings, refunds and 13 per cent derivation to Anambra State was a total sum of N373.200 billion, according to a statement that was issued by Office of the Accountant-general of the Federation.

As at today, the balance in the Excess Crude Account (ECA) is $376,655.09 million.

Total distributable revenue of N802.407 billion; the federal government received N321.859 billion, the state governments received N245.418 billion, while the 774 local government areas received N182.330 billion.

sum of N52.799 billion was shared to the relevant states as 13 per cent derivation revenue.

Gross statutory revenue of N1,012.065 billion was received for the month of June 2022. This is higher than the sum of N589.952 billion received in the previous month by N422.113 billion.

From the N608.580 billion distributable statutory revenue, the Federal Government received N292.785 billion, the state governments received N148.505 billion and the LGAs received N114.491 billion. The sum of N52.799 billion was shared to the relevant States as 13 per cent derivation revenue.

In the month of June 2022, the gross revenue available from the Value Added Tax (VAT) was N208.148 billion. That amount is lower than the N213.179 billion that was shared under the same component in the month of May 2022 by N5.031 billion.

From the N193.827 billion distributable VAT revenue, the federal government got N29.074 billion, while the states received N96.914 billion, with the local governments receiving N67.839 billion.

Source: Leadership

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