Nigeria Revenue Rises As FAAC Releases N802.4bn June Allocation To FG, States, LGs

The Federation Account Allocation Committee has shared a total sum of N802.4bn June 2022 federation account revenue to the federal government, states and local

government councils.

This was contained in a communiqué issued at the end of the FAAC meeting for July 2022, held in Abuja.

The N802.4bn total revenue comprised statutory revenue of N608.58bn and Value Added Tax revenue of N193.82bn.

In June 2022, the total deductions for cost of collection was put at N44.6bn and deductions for transfers, savings, refunds and 13 per cent derivation to Anambra State was a total sum of N373.2bn.

The balance in the Excess Crude Account (ECA) was $376,655.09

The communiqué confirmed that from the total revenue of N802.4bn, the federal government received N321.85bn, the state governments got N245.41bn and the local government councils received N182.33bn.

Mrs Zainab Ahmed, Minister of Finance

It added that the sum of N52.79bn was shared to the relevant States as 13 per cent derivation revenue.

Gross statutory revenue of N1.012trn was received for the month of June 2022. This was higher than the sum of N589.952bn received in the previous month by N422.113bn.

From the N608.580bn distributable statutory revenue, the federal government received N292.78bn, state governments received N148.5bn and the local government councils got N114.49bn. The sum of N52.799bn was shared to the relevant States as 13 per cent derivation revenue.

The Communiqué explained that the Companies Income Tax and Petroleum Profit Tax recorded tremendous increases, while import duty, oil and gas royalties increased marginally.

Similarly, it added that excise duties decreased significantly while Value Added Tax decreased marginally.

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