FG, States, LGCs Share 733.1bn for June 2021
The Federation Accounts Allocation Committee (FAAC) has distributed a total sum 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 federal government got N25.260 billion, states received N84.202 billion, while Local Government Councils got N58.941billion.
Companies Income Tax (CIT), and Oil and Gas Royalties, Import and Excise Duty recorded decreases, according to the communiqué. Only Value Added Tax (VAT) increased, although, marginally.