A total of N762.597 billion has been distributed as Federal Allocation for the month of June, 2019 by the Federal Government, State Governments and Local Government Councils.
The Communique by the Technical Sub Committee of Federation Accounts Allocation Committee (FAAC) and signed by the Accountant General of the Federation at the end of the meeting in Abuja on Thursday, indicated that the gross statutory revenue of N652.949 billion received for the month was higher than the N571.731 billion received in the previous month by N81.218 billion.
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.
At the end of the FAAC meeting, the total revenue distributable for the current month (including VAT and Exchange Gain) was put at N762.597 billion.
The shared amount comprise the month’s Statutory distributable revenue of N652.949 billion, the gross revenue available from the Value Added Tax (VAT) is N108.631 billion as against N106.826 billion distributed in the proceeding month, resulting in an increase of N1.805 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.
The Excess Crude balance it was revealed now stands at $111.204 Million.