The Federation Account Allocation Committee has shared a total of N651.18bn as June 2020 federation account revenue to the federal, states and local government councils, as well as other relevant agencies in Nigeria. According to the Office of the Accountant-General of the Federation, the shared amount was contained in a communiqué issued by FAAC after its monthly meeting for July 2020 held through virtual conferencing.
The Director, Information, Press and Public Relations, OAGF, Henshaw Ogubike, said in a statement issued in Abuja that the meeting was chaired by the Accountant-General of the Federation, Ahmed Idris.
The statement, entitled ‘FAAC shares N651.184bn June 2020 revenue to FG, states and LGs’, said the gross statutory revenue available in June 2020 was N524.526bn. It added that the gross revenue from the Value Added Tax was N128.826bn while the revenue from the exchange gain was N42.832bn.
This brought the total revenue for the month to N696.184bn. From this total, the sum of N45bn was saved in the excess non-oil revenue account and the balance of N651.184bn was shared to the three tiers of government and relevant agencies. The balance in the Excess Crude Account as at July 16 2020 was $72.407m.
It was learnt that the gross statutory revenue of N524.525bn available in June was higher than the N413.95bn received in the previous month by N110.57bn. Also, the gross revenue of N128.83bn available from VAT was higher than the N103.87bn in the previous month by N24.95bn.
The communiqué indicated that from the total revenue, the Federal Government received N266.13bn, states received N185.77bn and Local Government councils received N138.97bn. The oil-producing states received N28.5bn as 13% derivation revenue, while N76.81bn was given to revenue/relevant agencies.
The Federal Government received N227.58bn from the gross statutory revenue, the states received N115.43bn and the Local Government councils received N89bn. The Federal Government received N17.97bn from VAT revenue, states received N59.9bn, Local Government councils received N41.93bn. The revenue/relevant agencies received a total of N9.018bn.