The Federation Accounts Allocation Committee (FAAC) has distributed a total of 651.184 billion as of June 2020 Federation Account Revenue to the Federal, States and Local Governments Councils and relevant agencies in the country.
This was contained in a communiqué by the Federation Account Allocation Committee (FAAC) after its monthly meeting for July 2020 held through virtual conferencing and chaired by Ahmed Idris, the Accountant General of the Federation.

The gross statutory revenue available in June 2020 was N524.526 billion; the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion.

This brought the total revenue for the month to N696.184 billion. From this total, the sum of N45 billion was saved in the Excess Non-Oil Revenue Account and the balance of N651.184 billion was shared with the three tiers of government and relevant agencies.

The balance in the Excess Crude Account (ECA) as of 16th July 2020 was $72.407 million.
The gross statutory revenue of N524.525 billion available in June was higher than the N413.953 billion received in the previous month by N110.573 billion.

Also, the gross revenue of N128.826 billion available from the Value Added Tax (VAT) was higher than the N103.873 billion in the previous month by N24.953 billion.

The communiqué indicated that from the total revenue, the Federal Government received N266.131 billion, the State Governments received N185.774 billion, and the Local Government Councils received N138.974 billion. The Oil Producing States received N28.496 billion as 13% derivation revenue, N76.809 billion was given to revenue / Relevant Agencies as follows, Cost of collection…..24.047, Transfer to NEDC…..3.865, PTF….3.897, Transfer to Excess non oil…..45.000
TOTAL……76.809.

The Federal Government received N227.584 billion from the gross statutory revenue, the State Governments received N115.434 billion and the Local Government Councils received N88.995 billion.

The sum of N24.722 billion was given to the relevant States as a 13% derivation revenue.
The Federal Government received N17.971 billion from the Value Added Tax (VAT) revenue, the State Governments received N59.904 billion, the Local Government Councils received N41.933 billion, and the revenue/ Relevant Agencies received,5.153 as cost of collection and 3.865 transferred to NEDC, totalling N9.018 billion.
FAAC also confirmed that the Federal Government received N20.576 billion, the State Governments received N10.436 billion, the Local Government Councils received N8.046 billion and the Oil Producing States received N3.774 billion from the Exchange Gain revenue.

For the month under review, Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases while Petroleum Profit Tax declined.

Brandstudio01:
My brother see money

At the end of every month, the FG gathers all the money it has generated from crude oil sales, customs and taxes, and so on. 13% of any revenue made from natural resources is returned to the origin state of those resources, in line with the derivation principle. Other deductions are made for the costs associated with collecting revenues, and the rest of the funds are shared across the three tiers of government. The FG keeps 52.68% for its budget (goes to the FCT), the states share 26.72%, and local governments get 20.60%.

Each state receives a proportion of federal revenues based on a "Horizontal Allocation Formula". The first 40% of revenues is shared equally across the states. The rest is determined by population (30%), landmass (10%), IGR (10%) and social development factors (10%), which include things like school enrollment, number of hospital beds and most peculiarly, the amount of rainfall in the state

IamWonderful:
South East instead of venting your bitterness on Tinubu and Osinbanjo, this is another time to ask your state government what they are doing with your billions that is shared every month.

helinues:


FG will be sending the SE money to Tinubu first.. He will be the one to distribute the money to the 5 SE state governors'.

Tinubu will as usual embezzled the money again and you said we should not blame him for our region Vegetable state.

How can one man be depriving a whole region development? This is unfair

IamWonderful:
Haaaaaaa, no wonder they hate Tinubu this much, I really sympathize with the SE, they should accept my condolences, infact Tinubu is a wicked man, he made the region the headquarter of poverty in the south, infact he didn't allow them to clean their environment, I even blame Buhari for being an ineptitude leader, he should have send the money to Bode George or Jennifer Douglass Atiku instead of Tinubu that will ask the SE governors to embezzle the money and leave the region dirty, erosion desecrated, landlocked, barren and mudslide, Tinubu, Buhari, Osinbanjo and Kiki Osinbanjo are wicked for depriving the SE their allocation

helinues:


FG will be sending the SE money to Tinubu first.. He will be the one to distribute the money to the 5 SE state governors'.
Tinubu will as usual embezzled the money again and you said we should not blame him for our region's Vegetable and Dilapidated state?
How can one man be depriving a whole region development? This is unfair

IamWonderful:
South East instead of venting your bitterness on Tinubu and Osinbanjo, this is another time to ask your state government what they are doing with your billions that is shared every month.

mrvitalis:

Divide it by our population . Then u would see it's nothing