FAAC: FG, States, LGs, share N907.054bn June revenue

The Federation Account Allocation Committee (FAAC) has shared a total sum of N907.054 billion June 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2023.

The meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

The N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of N273.225 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.436 billion and Exchange Difference revenue of N320.892 billion.

In June 2023, the total deductions for cost of collection was N73.235 billion and total deductions for savings, transfers and refunds was N979.078 billion.

The balance in the Excess Crude Account (ECA) was $473,754.57

The communiqué stated that from the total distributable revenue of N907.054 billion; the Federal Government received N345.564 billion, the State Governments received N295.948 billion and the Local Government Councils got N218.064 billion. A total sum of N47.478 billion was shared to the relevant States as 13 percent derivation revenue.

By Joseph Inokotong

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