BEVERLY HILLS, July 20, (THEWILL) – The Federation Accounts Allocation Committee (FAAC) has shared a total of 651.184 billion as of June 2020 Federation Account Revenue to the Federal, States and Local Governments Councils and relevant agencies in the country.
This was contained in a communiqué by the Federation Account Allocation Committee (FAAC) after its monthly meeting for July 2020 held through virtual conferencing; chaired by the Accountant General of the Federation, Ahmed Idris FCNA.
The gross statutory revenue available in June 2020 was N524.526 billion; the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion.
This brought the total revenue for the month to N696.184 billion. From this total, the sum of N45 billion was saved in the Excess Non-Oil Revenue Account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies.
The balance in the Excess Crude Account (ECA) as of 16th July 2020 was $72.407 million.
The gross statutory revenue of N524.525 billion available in June was higher than the N413.953 billion received in the previous month by N110.573 billion. Also, the gross revenue of N128.826 billion available from the Value Added Tax (VAT) was higher than the N103.873 billion in the previous month by N24.953 billion.
The communiqué indicated that from the total revenue, the Federal Government received N266.131 billion, the State Governments received N185.774 billion, and the Local Government Councils received N138.974 billion.
The Oil Producing States received N28.496 billion as 13% derivation revenue while N76.809 billion was given to revenue/Relevant Agencies.
The Communiqué stated that in the month of June 2020, Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases while Petroleum Profit Tax declined.
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