Written by Sarah NEGEDU

Federal allocation up by N83bn in June

Federal allocation to the three tiers of government for the month of June 2019 recorded a significant increase of N82.99billion over the N679.6billionn shared in the previous month

The Federation Accounts Allocation Committee, FAAC, distributed a total of N762.597 billion to the three tiers of government as allocation for the month.

A communiqué issued by the technical sub-committee of FAAC and signed by the Accountant General of the Federation at the end of the meeting held in Abuja, indicated that the gross statutory revenue of N652.949 billion received for the month was higher than the N571.731 billion received in the previous month by N81.218 billion.

The committee reports that that out of the N762.59billion, the sum of N652.94billion was shared as statutory allocation while the balance of N108.63billion came from Value Added Tax.

From the N652.94billion, the Federal Government received N293.3billion; states N148.76billion, Local Government Councils N114.69billion while the oil-producing states got N38.61billion as 13 percent derivation revenue.

In addition, the revenue-collecting agencies received N57 .57billion as cost of collection.

The communiqué also noted that revenue from Petroleum Profit Tax, PPT, and Companies Income Tax, CIT, increased significantly.

“Value Added Tax increased marginally while royalties, import and excise duties decreased considerably. Thus, the total revenue distributable for the current month (including VAT and Exchange Gain) is N762.597 billion,” it stated.

The shared amount comprises the month’s statutory distributable revenue of N652.949 billion adding that the gross revenue available from the Value Added Tax (VAT) is N108.631 billion as against N106.826 billion distributed in the previous month, thus resulting in an increase of N1.805 billion.

“Furthermore, from Net Statutory revenue, Federal Government received N309.433 billion representing (52.68 percent): States Government received N201.157 billion (26.72 percent); Local Government Councils received N151.384 billion representing (20.60 percent}, while the Oil producing States received N 38.705 billion (35 percent) as 13 percent derivation revenue.

“From the Revenue available from the Value Added Tax (VAT), the federal government received N15.643 billion (15 percent), States received N52.143 billion (50 percent) while the Local Government Councils received N36.500 billion (35 percent).

“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,” the communiqué partly read.

 

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