25th July, 2019
Nigeria’s Federal Government, States and Local Government Areas (LGAs) shared N762.5 billion as federal allocation for the month of June.
Mr Ahmed Idris, the Accountant-General of the Federation (AGF), said this on Thursday in Abuja, while addressing newsmen at the end of the Federation Accounts Allocation Committee (FAAC) meeting.
He said that the gross statutory revenue of N652.9 billion received for the month was higher than the N571.7 billion received in May by N81.21 billion.
He said 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.
Idris added that the shared amount comprised the month’s statutory distributable revenue of N652.949 billion.
He also said that the gross revenue available from VAT stood at N108.6 billion as against N106.8 billion distributed in the proceeding month, resulting in an increase of N1.8 billion.
From Net Statutory revenue, Federal Government received N 309.433 billion representing (52.68℅): States Governments received N201.157 billion (26.72%); Local Government Councils received N151.384 billion representing (20.60%), while the Oil producing States received N38.705 billion (35%) as 13% derivation revenue.
From the Revenue available from the Value Added Tax (VAT), Federal Government received N15.643 billion (15%), States received N52.143 billion (50%) while the Local Government Councils received N36.500 billion(35%).
Consequently the total revenue distributable for the month of June including VAT amounted toN762.597 billion.
Idris also said that N61.91 billion was allocated as cost of collection, transfer and Federal Inland Revenue Service (FIRS) refund.
He added that the Excess Crude Account (ECA) balance stood at 111.2 million dollars.