The sum of N907, 054 billion was shared among the three tiers of Government for the month of June, 2023.
The country earned a huge sum of N1.9 trillion for the said month.
At the end of the June Federal Account Allocation Committee, FAAC meeting, a communiqué was issued detailing how the N907,054 billion should be shared.
At the meeting chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, it was revealed that “the N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable Value Added Tax (VAT) revenue of N273.225 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.436 billion and Exchange Difference revenue of N320.892 billion”.
The total deductions for the cost of collection were put at N73.235 billion. The balance in the Excess Crude Account (ECA) remains $473,754.57.
Out of the N273.225 billion distributable VAT revenue, the Federal Government received N40.984 billion, the state governments received N136.613 billion, and the Local Government Councils received N95.629 billion.
The N11.436 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.715 billion, the State Governments received N5.718 billion, and the Local Government Councils received N4.003 billion.
Furthermore, from the N320.892 billion Exchange Difference revenue, the Federal Government received N156.155 billion, the State Governments received N79.204 billion, the Local Government Councils received N61.063 billion, and N24.470 billion was allocated to relevant States as 13 per cent mineral revenue.
According to the communiqué, there was a significant increase in Companies Income Tax (CIT) for June 2023. Import and Excise Duties, Value Added Tax (VAT), and Oil and Gas Royalties also saw substantial increases. However, the Petroleum Profit Tax (PPT) and Electronic Electronic Money Transfer Levy (EMTL) experienced considerable decreases.
