FAAC Shares N762.6bn As June Revenue For FG, States, LGs

BY EDMOND ODOK, ABUJA – The Federation Accounts Allocation Committee (FAAC) has distributed about N762.6 billion to the three tiers of government as revenue allocation for the month of June 2019

Of the shared amount, the Federal Government got N309.4 billion representing 52.68 per cent with the states taking home N201.15 billion, representing 26.72 per cent.

On their part, the 774 Local Government Councils smiled home with N151.3 billion that represents 20.60 per cent of the distributable funds.

A communique that conveyed the outcome of FAAC’s Technical Sub committee meeting on Thursday in Abuja, said the gross statutory revenue of N652.9 billion for the month is about N81.21 billion higher than the N571.7 billion made in the month of May.

Signed by the Accountant General of the Federation, Mr Ahmed Idris, the communique stated that the amount distributed covers the statutory distributable revenue of N652.949 billion.

Mr Idris also gave the revenue figure from Value Added Tax (VAT) as N108.6 billion, adding that the amount represents about N1.8 billion increase over the N106.8 billion recorded in the month of May.

According to the AGF, incomes generated from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) also witnessed significant increase, just as VAT also recorded marginal rise.

However, the news was not quite exciting in relations to Royalties, Import and Excise duties as earnings from these sources recorded drastic drop during the period under consideration.

Mr Idris also said that as usual, the oil producing states smiled home with about N38.7 billion being the 13 per cent derivation revenue.

Similarly, the AGF said about N61.91 billion was earmarked to cater for other related matters, including the cost of collection, transfers and Federal Inland Revenue Service (FIRS) refund.

On the Excess Crude Account (ECA), the Accountant General said current balance in the coffers is 111.2 million dollars as at July 25, 2019.