The Federation Accounts Allocation Committee (FAAC) has shared N651.184 billion as June 2020 Federation Account Revenue to the Federal, states and local government areas as well as relevant agencies across the country.
The Director (Information, Press and Public Relations) in the Office of the Accountant General of the Federation, Henshaw Ogubike, who released a communiqué, said the FAAC meeting to share June 2020 was held, on Friday.
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The communiqué said the “the gross statutory revenue available in June 2020 was N524.526 billion; the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion”.
This brought the total revenue for the month to N696.184 billion. From this, N45 billion was saved in the Excess Non-Oil Revenue Account and the balance of N651.184 billion was shared to the three tiers of government and relevant agencies.
The balance in the Excess Crude Account (ECA) as at July 16, 2020, stood at $72.407 million.
The gross statutory revenue of N524.525 billion available in June was higher than the N413.953 billion received in the previous month by N110.573 billion.
Also, the gross revenue of N128.826 billion available from VAT was higher than the N103.873 billion in the previous month by N24.953 billion.
The communiqué explained that from the total revenue, the Federal Government received N266.131 billion, the state governments received N185.774 billion, and the local government areas received N138.974 billion.
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The oil producing states received N28.496 billion as 13 per cent derivation revenue; N76.809 billion was given to revenue/relevant agencies as follows: cost of collection, N24.047 billion; Transfer to NEDC, N3.865 billion; PTF, N3.897 billion and, Transfer to excess non-oil, N45 billion.