Ahmed+Idris+AGF FAAC
FAAC Shares
Ahmed+Idris+AGF FAAC
FAAC Shares N679bn to FG, States and LGs in June
2019
A total of N679.699 billion has been distributed as Federal
Allocation for the month of May, 2019 between the Federal
Government, State Governments and Local Government Councils.
The communiqué issued by the Technical sub -Committee of
Federation Accounts Allocation Committee (FAAC) at the joint
session held at the African House of the Kano State Government
House after the 3rd Treasury Workshop indicated that the Gross
statutory revenue received is N571.731 billion which is higher than
the N518.916 billion received in the previous month by N52.815
billion.
Revenues from Oil Royalty and Companies Income Tax (CIT)
improved tremendously while Petroleum Profits Tax (PPT) decreased
significantly. Import Duty and Value Added Tax (VAT), only recorded
marginal increases. The distributable Statutory Revenue for the
month is N571.731
The total revenue distributable for the current month (including
VAT and Exchange Gain Difference) is N679.699 billion. Therefore,
from the Net Statutory Revenue, Federal Government received
N284.163 billion representing 52.68%; States received N187.605
billion representing 26.72%; Local Government Councils received
N140.997 billion representing 20.60%; while the Oil Producing
States received N40.436 billion also representing 13% derivation
revenue.
The Cost of Collection, Transfer and FIRS Refund comes up to
N26.498 billion. Furthermore, the gross Revenue available from the
Value Added Tax (VAT), was N106.826 Billion as against N96.485
Billion distributed in the preceding month, resulting in an
increase of N10.341 Billion.
The breakdown of the distribution has the Federal Government
receiving N15.383 billion representing 15%; the States received
N51.277 billion representing 50% while the Local Government
Councils received N35.894 billion also representing 35%.
The balance on Excess Crude Account is $63 Million.
Henshaw Ogubike
Head Press & Public Relations, OAGF