The Federation Accounts Allocation Committee (FAAC) on Tuesday announced it has shared a total of N1.354 trillion June revenue for the three tiers of government.
The revenue was shared at the July meeting of FAAC, held in Abuja under the chairmanship of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to a communiqué issued by FAAC, the N1.354 trillion total revenue includes statutory revenue of N 142.514 billion and Value Added Tax (VAT) revenue of N523.973 billion
Other sources of the revenue include, Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion, and Augmentation of N200 billion.
Part of the breakdown of the revenue and allocation according to the communiqué reads:
“Total deduction for cost of collection was N92.112 billion, while total transfers, interventions, and refunds was N1.037 trillion
“Gross statutory revenue of N1.432 trillion was received for the month of June. This was higher than the sum of N1.223 trillion received in the month of May by N208.773 billion.
“Gross revenue of N562.685 billion was available from VAT in June.
“This was higher than the N497.665 billion available in the month of May by N65.020 billion,” it said.
According to the communiqué, from the N1.354 trillion total revenue, the federal government received N459.776 billion, the state governments received N461.979 billion and the LGAs received N337.019 billion
Also, mineral producing states took N95.598 billion (13 per cent of mineral revenue) as the derivation fund.