The Federation Account Allocation Committee (FAAC) says it shared a total sum of N907.054 billion to the Federal Government, States and Local Government Areas in June.





The Federation Account Allocation Committee (FAAC) says it shared a total sum of N907.054 billion to the Federal Government, States and Local Government Areas in June.

Advertisement
This was contained in a communiqué issued at the end of FAAC meeting for July 2023.

READ ALSO: FG, States, LGAs Share N786.1bn In May 2023 – FAAC

The meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, according to a statement by FAAC’s spokesman, Bawa Mokwa, on Thursday.

Mokwa disclosed that 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) of N11.436 billion, and Exchange Difference revenue of N320.892 billion.

Advertisement
FAAC noted that in June 2023, the total deductions for the cost of the collection were N73.235 billion and total deductions for transfers and refunds were N979.078 billion.

It added that the balance in the Excess Crude Account (ECA) was $473,754.57

The statement explained that the Federal Government received N345.564 billion, State Governments received N295.948 billion and Local Government Councils received N218 billion.



Advertisement
See the full statement below:

FAAC SHARES N907.054 BILLION JUNE 2023 REVENUE TO FG, STATES AND LGCs

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.

Advertisement
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 the cost of the collection were N73.235 billion and the total deductions for savings, transfers and refunds were 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 received N218.064 billion. A total sum of N47.478 billion was shared to the relevant States as 13% derivation revenue.

Gross statutory revenue of N1,152.921 billion was received for the month of June 2023. This was higher than the sum of N701.787 billion received in the previous month by N451.134 billion.

From the N301.501 billion distributable statutory revenue, the Federal Government received N146.710 billion, the State Governments received N74.413 billion and the Local Government Councils received N57.370 billion. The sum of N23.008 billion was shared to the relevant States as 13% derivation revenue.

For the month of June 2023, the gross revenue available from the Value Added Tax (VAT) was N293.411 billion. This was higher than the N270.197 billion available in the month of May 2023 by N23.214 billion.

The Federal Government received N40.984 billion, the State Governments received N136.613 billion and the Local Government Councils received N95.629 billion from the N273.225 billion distributable Value Added Tax (VAT) revenue.

The N11.436 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government received N1.715 billion, the State Governments received N5.718 billion and the Local Government Councils received N4.003 billion.

From the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155 billion, the State Governments received N79.204 billion, the Local Government Councils received N61.063 billion and the sum of N24.470 billion was shared to the relevant States as 13 percent mineral revenue.

According to the communiqué, in the month of June 2023, Companies Income Tax (CIT) recorded tremendous increase. 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.

Bawa Mokwa

Director (Press and Public Relations)



https://www.google.com/amp/s/www.channelstv.com/2023/07/20/fg-states-lgas-share-n907-054bn-in-june-faac/amp/

Sharing formula as usual

I told you people the 1.9 trillion was a lie 🤥 big propaganda but most of you abused me




The total revenue as stated here is 1.15 trillion not 1.9trillion out of which 907 billion was shared... .

If you convert it to the new exchange rate you can see ita even less than may


The rest went to cost of collection and other joint funded issues like judiciary, police, army and the rest

Propaganda can on take APC so far

The painful part is that there's no way we can hold our state governors Responsible

Between N15Bn-N20Bn should go to the lowest states.

mrvitalis:
I told you people the 1.9 trillion was a lie 🤥 big propaganda but most of you abused me




The total revenue as stated here is 1.15 trillion not 1.9trillion out of which 907 billion was shared... .

If you convert it to the new exchange rate you can see ita even less than may


The rest went to cost of collection and other joint funded issues like judiciary, police, army and the rest

Propaganda can on take APC so far

I totally agree with you. APC is a lying machine and they have been sponsoring different media lies to butter up their image.
Total revenue declared by AGF is 1.15trn so who received the 1.95trn in audio format?
Funny thing you'll notice is throughout the time the audio revenue was being brandished in the media, no one in govt either came out to confirm or deny it. They simply planted another story of the money being kept with CBN to guard against inflation. The same inflation that's self- inflicted in the first place.
All those who voted APC need to be quarantined and rendered sterile so as not to propagate their stupidity

nlfpmod Where's our 1.95trn

How EFCC is not speaking or checking the account of councils is beyond my understanding. So many things would get better if there are constant checks.

slimfit1:
How EFCC is not speaking or checking the account of councils is beyond my understanding. So many things would get better if there are constant checks.

Divide it by 774 abi how many them dey

That's roughly 300 million

Mind you they pay all primary school teachers oh all local government workers, all primary healthcare workers

By the time that's made less than 100 millikn would be left

That's still enough to work of they want

I expect this action to be challenged at the supreme.court

It is illegal and unconstitutional for the Fed Govt to withhold Revenue accrued from federating units and claiming the establishment of a fund under whatever guise

For recall, all revenue must be shared according to an established formula by federating units ( fed Govt state and local government)

Anything short of this is illegal

The excuse of inflation and exchange rate depreciation holds no water, they can share revenue in dollars to avoid this as advocated by Henry Boyo

It's even more worrisome they're creating a fund to be administered by a well known Thief called Tinubu that is illegal under the law

The whole charade is designed to cripple states and local governments and make them serfs of the federal government, this is not true fédération

The federal government should stop trying to align it's politics and policies with that of other federating units thy should be left on their own to design and execute policies as they see fit

Again this action is illegal and unconstitutional and should be challenged at the supreme court

Not even the governors have the power to approve the non distribution of the money saved from the fuel subsidy removal to federating units

These monies belong to people in the states and local governments who deserves local services and increased payment of salaries and pensions to deal with inflation. The increase of salaries pensions and provisions of public services in states and local governments will be crippled if this revenue is held back by the federal government

mrvitalis:
I told you people the 1.9 trillion was a lie 🤥 big propaganda but most of you abused me




The total revenue as stated here is 1.15 trillion not 1.9trillion out of which 907 billion was shared... .


If you convert it to the new exchange rate you can see ita even less than may


The rest went to cost of collection and other joint funded issues like judiciary, police, army and the rest

Propaganda can on take APC so far

...but PDP & LP Governors are also part of the NEC. How come they didn't raise any alarm as you're doing here.

mrvitalis:
I told you people the 1.9 trillion was a lie 🤥 big propaganda but most of you abused me




The total revenue as stated here is 1.15 trillion not 1.9trillion out of which 907 billion was shared... .

If you convert it to the new exchange rate you can see ita even less than may


The rest went to cost of collection and other joint funded issues like judiciary, police, army and the rest

Propaganda can on take APC so far

I pity Tinubu and APC if they think this their cheap propaganda will take them anywhere. It's the height of irresponsibility and dishonesty to always trying to deceive Nigerians. People are suffering and even dying yet they keep pushing all manner of lies and propaganda around.

Their eventual disgrace will be heavy.

richiemcgold:


...but PDP & LP Governors are also part of the NEC. How come they didn't raise any alarm as you're doing here.

NEC never said anything like that the meeting for NEC n their resolution is known

richiemcgold:


...but PDP & LP Governors are also part of the NEC. How come they didn't raise any alarm as you're doing here.

Raise what? Did anyone in govt confirm the amount apart from newspaper? You expect PDP and LP to deny newspaper reports?

Seun, Mynd44