In its latest allocation, the Federation Account Allocation Committee (FAAC) has shared a total sum of N907.05 billion among the three tiers of the Nigerian government in June 2023. This figure represents an increase of N120.893 billion compared to the N786.161 billion shared in May 2023.
The revenue disbursement details were disclosed in a communiqué issued after the FAAC meeting held in Abuja on Thursday, chaired by Oluwatoyin Madein, the Accountant-General of the Federation.
The total revenue of N907.05 billion includes distributable statutory revenue of N301.5 billion, distributable value-added tax (VAT) of N273.23 billion, and electronic money transfer levy (EMTL) income of N11.44 billion. Additionally, FAAC included the exchange difference revenue of N320.89 billion.
The committee noted that the federal government received N345.56 billion, states got N295.95 billion, and local governments collected N218.06 billion from the total distributable revenue. Furthermore, a sum of N47.48 billion was shared with relevant states as 13 percent derivation revenue.
For June 2023, the gross statutory revenue amounted to N1.15 trillion, indicating an increase of N451.13 billion compared to the previous month. Out of the balance of N301.50 billion distributable statutory revenue, the federal government received N146.71 billion, states got N74.41 billion, and local governments received N57.37 billion.
On the VAT revenue, FAAC reported that the amount for June was N293.41 billion, an increase of N23.21 billion from the previous month. The federal government received N40.98 billion, states collected N136.61 billion, and local governments got N95.63 billion from the distributable VAT revenue.
Furthermore, FAAC distributed N11.43 billion of EMTL to the federal government (N1.715 billion), states (N5.718 billion), and local governments (N4.003 billion). The exchange difference revenue of N320.89 billion was allocated to the federal government (N156.15 billion), states (N79.20 billion), and local governments (N61.06 billion), with N24.47 billion shared to relevant states as 13 percent mineral revenue.
The committee observed significant increases in companies income tax (CIT), import and excise duties, VAT, and oil and gas royalties, while petroleum profit tax and EMTL showed considerable decreases.
Lastly, the excess crude account (ECA) balance stood at $473,754.57.
