Nigeria’s Federation Accounts Allocation Committee (FAAC) has shared a total of N651.184 billion (about $2 billion) for June 2020 Federation Account Revenue to the three tiers of government – the Federal, States and Local Governments Councils.The statement issued by the finance ministry on Monday in Abuja said that 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, showed that the gross statutory revenue available in June 2020 was N696.184 billion.
It explained that the balance in the Excess Crude Account (ECA) as of 16th July 2020 was $72.407 million.
According to the communiqué, the Federal Government received N266.131 billion, the State Governments received N185.774 billion, and the Local Government Councils received N138.974 billion.
It added that the Oil Producing States received N28.496 billion as 13% derivation revenue, N76.809 billion was given to revenue/Relevant Agencies as follows to cover costs of collection among others.
The Federal Government received N227.584 billion from the gross statutory revenue, the State Governments received N115.434 billion and the Local Government Councils received N88.995 billion. The sum of N24.722 billion was given to the relevant States as a 13% derivation revenue.
The Communiqué also 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 the Petroleum Profit Tax declined.
The three tiers of government meet monthly to share revenues earned from the sale of crude oil, gas, and taxes for the payment of workers’ salaries and meet other statutory obligations. ($1 =360)