FAAC shares N907.054bn June revenue with FG, States, LG’s

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

FAAC disclosed this in a communiqué issued at the end of its July meeting chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.

According to FAAC, the 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.

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FAAC in a communiqué signed by the Director of Press and Public Relations office of the Accountant-general, Bawa Mokwa said the balance in the Excess Crude Account (ECA) was N473,754.57 dollars.

The communiqué stated that Gross statutory revenue of N1.153  trillion naira was received for the month of June 2023, higher than the sum of N701.787 billion received in the previous month by N451.134 billion.

According to the communiqué, Companies Income Tax (CIT) recorded a tremendous increase in the month under review.

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Import and Excise Duties, Value Added Tax (VAT), Oil and Gas Royalties increased significantly, while Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) decreased considerably.