A total of N762.597 billion has been distributed as Federal Allocation for the month of June, 2019 to the federal government, state governments and local government councils of the federation.
A Communique that was issued yesterday at the end of the Federation Accounts Allocation Committee (FAAC) indicated that there was a gross statutory revenue of N652.949 billion for the month, which is 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, the communique that was signed by the Accountant-General of the Federation, Ahmed Idris said.
The total revenue distributable for the current month (including VAT and Exchange Gain) is 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 preceding month, resulting in an increase of N1.805 billion.
Furthermore, from Net Statutory revenue, Federal Government received N309.433 billion representing 52.68 per cent: States Government received N201.157 billion or 26.72 per cent; Local Government Councils received N 151.384 billion, representing 20.6 per cent. Oil producing States of the federation 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 is N762.597 billion.
The Excess Crude balance as at today, 25th July, 2019 is $111.204 Million.