The Federation Accounts Allocation Committee has shared a total of N651.18bn as June 2020 federation account revenue to the federal and states and local governments, 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 on Sunday that the meeting was chaired by the Accountant-General of the Federation, Ahmed Idris.

The statement was entitled, ‘FAAC shares N651.184bn June 2020 revenue to FG, states and LGs.’

The OAGF said the gross statutory revenue available in June 2020 was N524.526bn, gross revenue from the Value Added Tax was N128.826bn and revenue from the exchange gain was N42.832bn.

It said, “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.”

It said 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 N413.953bn received in the previous month by N110.573bn.

Also, the gross revenue of N128.826bn available from VAT was higher than the N103.873bn in the previous month by N24.953bn.

The communiqué indicated that from the total revenue, the Federal Government received N266.131bn, states received N185.774bn and Local Government councils received N138.974bn.

https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js

The oil producing states received N28.496bn as 13 per cent derivation revenue, while N76.809bn was given to revenue/relevant agencies.

The Federal Government received N227.584bn from the gross statutory revenue, the states received N115.434bn and the Local Government councils received N88.995bn.

The sum of N24.722bn was given to the relevant states as 13 per cent derivation revenue

The Federal Government received N17.971bn from VAT revenue, states received N59.904bn, Local Government councils received N41.933bn.

The revenue/relevant agencies received a total of N9.018bn.

The communiqué confirmed that the Federal Government received N20.576bn, states received N10.436bn, Local Government councils received N8.046bn and the oil producing states received N3.774bn from the exchange gain revenue.

It further stated that in the month of June 2020, import and excise duty, VAT, companies income tax, oil and gas royalty recorded significant increases, while petroleum profit tax declined.