FAAC Allocation Rises By 18%
The federal, state and local governments have shared N802.407bn as federation allocation for the month of June, 2022 representing 18 percent increase from N681bn shared in May.
The sharing decision was reached at Federation Account Allocation Committee (FAAC)’s meeting, according to a statement sent to by the Director of Press/Information, Federal Ministry of Finance, Mrs Phil Abiamuwe-Mowete.
“From this stated amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N321.859 billion, the States received N245.418 billion, the Local Government Councils got N182.330 billion, while the Oil producing states received N52.799 billion as derivation, (13% of Mineral Revenue),” the statement noted.
According to the FAAC communique, the gross revenue available from the Value Added Tax (VAT) for June 2022 was N193.827 billion. While the Federal Government got N29.074 billion, states received N96.914 billion as local government councils were given N67.839 billion.
Also, the gross statutory revenue of N608.580 billion was distributed, from which the Federal Government was allocated the sum of N292.785 billion. States got N148.505 billion, while local governments got N114.491 billion. States entitled to oil derivation got N52.799 billion.
The communiqué further 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.
It was further revealed that total revenue distributable for the month of June was drawn from statutory revenue of N608.580 billion and VAT of N193. 827 billion, bringing the total distributable for the month to N802.407 billion.