The Federation Accounts Allocation Committee (FAAC) has shared a total of N733.095 billion as June 2021 Federation Account Revenue to the Federal, States and Local Governments Councils.

This was contained in a communiqué issued at the end of the virtual meeting of the FAAC for July 2021, yesterday.

The N733.095 billion total distributable revenue comprised distributable statutory revenue of N585.752 billion; distributable Value Added Tax (VAT) revenue of N143.652 billion and Exchange Gain of N3.691 billion.

The sum of N87.469 billion was the total deductions for cost of collection, statutory transfers and refunds.

The committee put the balance in the Excess Crude Account (ECA) at $60.853 million.

The communiqué confirmed that from the total distributable revenue of N733.095 billion; the Federal Government received N304.952 billion, the State Governments received N215.572 billion, and the Local Government Councils received N161.100 billion. The sum of N51.470 billion was shared to the relevant States as 13% derivation revenue.

The distributable statutory revenue of N585.752 billion was available for the month.

From this, the Federal Government received N281.624 billion, the State Governments received N142.843
billion and the Local Government Councils received N110.126 billion.

The sum of N51.159 billion was given to the relevant States as 13% derivation revenue.

The gross revenue available from the Value Added Tax (VAT) was N154.465 billion.

This was lower than the N181.078 billion available in the month of May by N26.613 billion. The sum of N4.634 billion allocation to NEDC and N6.179 billion cost of revenue collection was deducted from the gross Value Added Tax (VAT) revenue of N 154.465 billion, resulting in the distributable Value Added Tax (VAT) revenue of N143.652 billion. From the N143.652 billion, the Federal Government received N21.548 billion, the State Governments received N71.826 billion and the Local Government Councils received N50. 278 billion.

From the Exchange Gain revenue of N3.691 billion, the Federal Government received N1.781 billion, the State Governments receive N0.903 billion, the Local Government Councils received N0.696 billion and N0.311 billion was given to the relevant States as 13% derivation revenue.

The FAAC said that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duty recorded substantial increases while Value Added Tax (VAT) decreased significantly, without providing details.
https://www.vanguardngr.com/2021/07/faac-shares-n733-b-among-fg-states-lgs/

After all these shares, Nigeria still remain the same. When will things get better in our dear country? The sufferings in the land are too much for some people to bear. Who has done this to us?

land for sale

Nothing to show for in all the sharing. When will things become better in this country? Aluta Looting continua

Hope they use it well

Cunnilingus:
Hope they use it well

Which country u feel say u dey?

The sum of N51.159 billion was given to the relevant States as 13% derivation revenue.

I have one question.

This 51.159 billion given as 13% are the oil producing states sharing the 51.159 or 51.159 is given to each oil producing states.

National cake celebration! for politicians.

An administration of looters in disguise....

We need young visionary leaders.

@Seniorwriter

E no reach wetin we dey spray for Oba, Anambra state right now.

Sharing republic. The reason every state likes to secretly maintain and talk about their challenges glowingly like it is some virtue to behold.