FG, States, LGs Share N651.2bn from June Revenue

By Modupe Gbadeyanka

The sum of N651.184 billion (approx. N651.2 billion), which was from the revenue generated by the country in June 2020, was shared among the federal government, the 36 state governments, the 774,000 local government areas of the federations and relevant agencies.

The money was disbursed to the three tiers of government by the Federation Accounts Allocation Committee (FAAC).

A statement issued by the Director of Information, Press and Public Relations at the Office of the Accountant General of the Federation (AGF), Henshaw Ogubike, stated that from the total revenue, the federal government received N266.131 billion, the state governments received N185.774 billion, while the local councils got N138.974 billion.

In addition, the oil producing states received N28.496 billion as 13 per cent derivation revenue, N76.809 billion was given to revenue/relevant agencies.

According to the statement, from the gross statutory revenue, the federal government received N227.584 billion, the states got N115.434 billion, while the councils got N88.995 billion, with N24.722 billion shared to the relevant states as 13 per cent derivation revenue.

Also, from the revenue generated from value added tax (VAT), the federal government got N17.971 billion, the states received N59.904 billion, while the councils received N41.933 billion, with the revenue/relevant agencies getting N5.153 billion as cost of collection and N3.865 billion transferred to NEDC, totalling N9.018 billion

The statement further confirmed that the federal government received N20.576 billion, the states received N10.436 billion, the councils received N8.046 billion and the oil producing states received N3.774 billion from the Exchange Gain revenue.

It was stated that at the monthly FAAC meeting for July 2020 held through virtual conferencing and chaired by the AGF, Mr Ahmed Idris, it was announced that the revenue from June comprised a gross statutory revenue of N524.526 billion, a VAT of N128.826 billion, and N42.832 billion from exchange gain.

In the statement, it was gathered that the sum of N45 billion was saved in the excess non-oil revenue account, while the balance in the Excess Crude Account (ECA) as at July 16, 2020 stood at $72.407 million.

According to the statement, in the month of June 2020, there were significant increases in import and excise duty, VAT, companies income tax, oil and gas royalty, while revenue from petroleum profit tax declined.