FG, states, LGs share N907.054bn for June revenue
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.
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 total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of 273.225 billion Naira, Electronic Money Transfer Levy (EMTL) revenue of 11.436 billion Naira and Exchange Difference revenue of 320.892 billion Naira.
The balance in the Excess Crude Account (ECA) was US$ 473,754.57.
The communiqué stated that Gross statutory revenue of N1.153 trillion 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 signed by Bawa Mokwa Director (Press and Public Relations) office of the accountant general of the federation, Companies Income Tax (CIT) recorded tremendous increase in the month under review.
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.
