The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N907.054 billion to the Federal, State, and Local Government Councils in the month of June 2023.
This allocation was detailed in a communiqué issued after the FAAC meeting chaired by Dr. Oluwatoyin Madein, the Accountant General of the Federation.
The distributable revenue of N907.054 billion comprised N301.501 billion in statutory revenue, N273.225 billion in Value Added Tax (VAT) revenue, N11.436 billion from Electronic Money Transfer Levy (EMTL) revenue, and N320.892 billion in Exchange Difference revenue.
During June 2023, total deductions for cost of collection amounted to N73.235 billion, and total deductions for savings, transfers, and refunds stood at N979.078 billion. The Excess Crude Account (ECA) balance reported was $473,754.57.
Out of the total allocation, the Federal Government received N345.564 billion, State Governments received N295.948 billion, and Local Government Councils received N218.064 billion.
Additionally, a sum of N47.478 billion was disbursed to the relevant States as 13% derivation revenue.
The gross statutory revenue for June 2023 reached N1,152.921 billion, surpassing the previous month’s N701.787 billion by N451.134 billion.
The Federal Government received N146.710 billion, State Governments received N74.413 billion, and Local Government Councils received N57.370 billion from the N301.501 billion distributable statutory revenue.
Furthermore, N23.008 billion was allocated to the relevant States as 13% derivation revenue.
Regarding Value Added Tax (VAT), June 2023 recorded a gross revenue of N293.411 billion, marking a significant increase of N23.214 billion compared to May 2023.
The Federal Government received N40.984 billion, State governments received N136.613 billion, and Local Government Councils received N95.629 billion from the N273.225 billion distributable VAT revenue.
The N11.436 billion Electronic Money Transfer Levy (EMTL) was shared with the Federal Government receiving N1.715 billion, State Governments receiving N5.718 billion, and Local Government Councils receiving N4.003 billion.
From the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155 billion, State Governments received N79.204 billion, and Local Government Councils received N61.063 billion. Additionally, N24.470 billion was disbursed to the relevant States as 13 percent mineral revenue.
The communiqué also highlighted significant increases in Companies Income Tax (CIT), Import and Excise Duties, VAT, and Oil and Gas Royalties. However, Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) witnessed notable decreases during June 2023.
