The Federation Account Allocation Committee (FAAC) has shared ₦2.550 trillion among the Federal Government, state governments, and the 774 local government councils as revenue allocation for June.

The Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, disclosed this in a statement issued on Wednesday in Abuja.

Mokwa said the revenue was shared at the July meeting of FAAC.

According to him, the distributable revenue comprised ₦1.809 trillion in statutory revenue and ₦740.724 billion in Value Added Tax (VAT).

He said the committee’s communiqué showed that gross revenue available for June stood at ₦4.500 trillion.

According to the statement, deductions for the cost of collection amounted to ₦160.744 billion, while transfers, interventions, and refunds totalled ₦1.789 trillion.

The communiqué further stated that statutory revenue for June stood at ₦3.700 trillion, representing an increase of ₦1.049 trillion over the ₦2.651 trillion recorded in May.

It also showed that gross VAT revenue for June was ₦799.746 billion, an increase of ₦56.058 billion from the ₦743.688 billion generated in May.

From the total distributable revenue of ₦2.550 trillion, the Federal Government received ₦923.438 billion, the state governments received ₦838.208 billion, while the local government councils received ₦591.390 billion.

In addition, oil-producing states received ₦197.610 billion as 13 per cent derivation revenue.

From the ₦1.809 trillion statutory revenue, the Federal Government received ₦849.366 billion, the states received ₦430.810 billion, while the local government councils received ₦332.136 billion. The oil-producing states received the ₦197.610 billion derivation allocation.

From the ₦740.724 billion VAT revenue, the Federal Government received ₦74.072 billion, the state governments received ₦407.398 billion, while the local government councils received ₦259.253 billion.

Mokwa also said collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), petroleum royalties, gas flaring penalties, rents, Mineral and Mining Operating Revenue (MOR), and VAT increased significantly during the month.

He added that import duty and Common External Tariff (CET) levies also recorded significant increases, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), mineral royalties, and fees declined considerably.

According to him, excise duty recorded only a marginal increase.