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FAAC allocation rises to N802bn in June

FAAC allocation rises to N802bn in June

FAAC allocation rises to N802bn in June

The Federation Account Allocation Committee (FAAC) says it shared the sum of N802.407 billion for the month of June 2022, a N121.407bn increase on the N681bn sum it shared in May 2022.

The sharing decision was reached at the Committee’s meeting on Tuesday, July 26, 2022, according to a statement issued late yesterday by the Director of Press/Information, Federal Ministry of Finance, Phil Abiamuwe-Mowete.

“From this stated amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N321.859bn, the states received N245.418bn, and the local government councils got N182.330n, while the oil producing states received N52.799bn as derivation, (13 per cent of Mineral Revenue),” the statement noted.

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The communiqué the FAAC issued at the end of the meeting indicated that the gross revenue available from the value added tax (VAT) for June 2022 was N193.827bn. While the Federal government got N29.074bn, states received N96.914bn, while local government councils were given N67.839bn.

Also, the gross statutory revenue of N608.580bn was distributed, from which the Federal government was allocated the sum of N292.785bn, states got N148.505bn, while local governments got N114.491bn. States entitled to oil derivation got N52.799bn.

The communiqué revealed that companies’ income tax and petroleum profit tax reported significant increases, while import duty, oil and gas royalties increased marginally.

However, excise duties decreased significantly, while VAT decreased marginally.

FAAC further stated that total revenue distributable for the month of June was drawn from statutory revenue of N608.580bn and VAT of N193. 827bn, bringing the total distributable for the month to N802.407bn.

FAAC allocation rises to N802bn in June

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