FG, States, LGs share N762.5 billion in June
The Federal Government, States and Local Government Areas (LGAs) shared N762.5 billion as federal allocation for the month of June.
The Accountant-General of the Federation (AGF), Mr Ahmed Idris said this on Thursday in Abuja, while addressing newsmen at the end of the Federation Accounts Allocation Committee (FAAC) meeting.
The breakdown is as follows:
- Statutory revenue of N652.9 billion received for the month was higher than the N571.7 billion received in May by N81.21 billion
- Revenue from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly, Value Added Tax (VAT) increased marginally while Royalties, Import and Excise duties decreased considerably
- Shared amount comprised the month’s statutory distributable revenue of N652.949 billion
- Gross revenue available from VAT stood at N108.6 billion
- N106.8 billion distributed in the proceeding month, resulting in an increase of N1.8 billion
- Federal Government received N309.4 billion representing 52.68 per cent
- States received N201.15 billion representing 26.72 per cent.
- Local governments received N151.3 billion representing 20.60 per cent
- Oil producing states received N38.7 billion as 13 per cent derivation revenue
- N61.91 billion allocated as cost of collection, transfer and Federal Inland Revenue Service (FIRS) refund
- Excess Crude Account (ECA) balance stood at 111.2 million dollars.