New naira notes
By EXACTLY OBI, Abuja-
Federation Account Allocation Committee (FAAC) has distributed a total of N1.818 trillion to the Federal Government, states, and Local Government Councils (LGs) for June.
This significant revenue sharing comes after the FAAC meeting held in Abuja on Friday night.
Revenue Breakdown
The total distributable revenue comprised N1.018 trillion from statutory revenue, N631.507 billion from Value Added Tax (VAT), N29.165 billion from Electronic Money Transfer Levy (EMTL), N38.849 billion from Exchange Difference revenue, and N100 billion from Augmentation from Non-Mineral revenue.
The Federal Government received a total of N645.383 billion, while state governments received N607.417 billion and LGs received N444.853 billion. Additionally, N120.759 billion was shared to benefiting states as derivation revenue.
The communiqué noted that Companies Income Tax, Petroleum Profit Tax, and EMTL increased significantly in June, while Oil and Gas Royalty, VAT, Import Duty, Excise Duty, and CET Levies decreased considerably.
The gross statutory revenue received for the month was N3.485 trillion, higher than the N2.094 trillion received in May by N1.39 trillion.
The revenue sharing formula saw the Federal Government receiving N474.455 billion from statutory revenue, N94.726 billion from VAT, N4.375 billion from EMTL, N19.147 billion from Exchange Difference revenue, and N52.680 billion from Augmentation.
State governments received N240.650 billion from statutory revenue, N315.754 billion from VAT, N14.582 billion from EMTL, N9.712 billion from Exchange Difference revenue, and N26.720 billion from Augmentation. LGs received N185.531 billion from statutory revenue, N221.027 billion from VAT, N10.208 billion from EMTL, N7.487 billion from Exchange Difference revenue, and N20.600 billion from Augmentation.
