FAAC: FG, States, LGs share N762.5bn in June

Date:

Reading time: 1 Minute

The Federal Government, States and Local Government Areas (LGAs) shared N762.5 billion as federal allocation for the month of June.

Mr Ahmed Idris, the Accountant-General of the Federation (AGF), said this on Thursday in Abuja, while addressing newsmen at the end of the Federation Accounts Allocation Committee (FAAC) meeting. He said that the gross statutory revenue of N652.9 billion received for the month was higher than the N571.7 billion received in May by N81.21 billion. He said revenue from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly, Value Added Tax (VAT) increased marginally while Royalties, Import and Excise duties decreased considerably.

Idris added that the shared amount comprised the month’s statutory distributable revenue of N652.949 billion. He also said that the gross revenue available from VAT stood at N108.6 billion as against N106.8 billion distributed in the proceeding month, resulting in an increase of N1.8 billion. On the sharing formula, he said the Federal Government received N309.4 billion representing 52.68 per cent, while states received N201.15 billion representing 26.72 per cent.

The AGF said that local government areas received N151.3 billion representing 20.60 per cent while oil producing states received N38.7 billion as 13 per cent derivation revenue. Idris also said that N61.91 billion was allocated as cost of collection, transfer and Federal Inland Revenue Service (FIRS) refund. He added that the Excess Crude Account (ECA) balance stood at 111.2 million dollars. (NAN)

Tropic Reporters
Tropic Reportershttps://tropicreporters.com
Tropic Reporters is an online news platform based in Nigeria that focuses on promoting journalism from the citizens' perspectives to enhance access to credible information and clarification on basic issues and topics affecting the growth and development of our communities and other parts of Africa and the world in general. For advertisment tropicreporters@gmail.com WhatsApp/Telegram: 07066518087

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

FG declares Friday, Monday public holidays for Easter celebrations

  The Federal Government has declared Friday, 29th March and...

48 Cultists Surrender Arms in Ogun, Embrace Amnesty Program

In a significant turn of events, 48 individuals involved...

Osun Commissioner, Ogungbangbe Donates N1M to Downpour Victims, Urges Community Support

  Osun State Commissioner for Cooperatives and Empowerment, Prince Bayo...