Home / Business / FAAC Shares N651.18bn To FG, States, LGs In June
Finance Minister
Finance Minister: Zainab Ahmed

FAAC Shares N651.18bn To FG, States, LGs In June

The Federation Accounts Allocation Committee (FAAC) has shared N651.18 billion Federation Account Revenue to the federal, states and local government councils and relevant agencies for the month of June.

Read Also: Blame Niger Delta People For Rot In NDDC – Nunieh

Henshaw Ogubike, Director Information, Press and Public Relations of FAAC announced the figures in a statement on Sunday in Abuja.

Ogubike said the monthly meeting, which held by virtual conferencing, was chaired by Accountant General of the Federation, Ahmed Idris.

He explained that the gross statutory revenue available in June was N524.52 billion while the gross revenue from the Value Added Tax (VAT) was N128.826 billion and the revenue from the Exchange Gain was N42.832 billion.

Read Also: Madagascar’s Herbal Mixture Cannot Cure COVID-19, Says NIPRD

This brought the total revenue for the month to N696.18 billion.

The director said that 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 to the three tiers of government and relevant agencies.

Giving the breakdown, he said the Federal Government received N266.13 billion, the state governments got N185.77 billion and the local government councils received N138.97 billion.

Read Also: Military Grenade Cause Of Katsina Explosion – Police

According to him, the oil-producing states received N28.49 billion as 13 per cent derivation revenue while N76.80 billion was given to revenue and relevant agencies.

Read Also: Buhari Names Railway Complex After Jonathan

He said in June, import and excise duty, VAT, companies income tax, oil and gas royalty recorded significant increases while petroleum profit tax declined.

 

NAN

About Ademola Aderele

Check Also

Wema Bank Upgrades ALAT App

One of Nigeria’s leading financial institutions, Wema Bank, has upgraded its digital bank app, ALAT. …

Yahaya Bello Suspends Kogi Revenue Service Management

Governor Yahaya Bello of Kogi State has suspended the management of the State Internal Revenue …

Leave a Reply

Do NOT follow this link or you will be banned from the site!
WhatsApp Newsbreak