As part of the federation allocation for June 2022, the federal, state, and local governments shared N802.407 billion. This represents an 18% increase over the N681bn shared in May.
According to a statement by the Director of Press/Information, Federal Ministry of Finance, Mrs Phil Abiamuwe-Mowete, the decision to share was made at a meeting of the Federation Account Allocation Committee (FAAC).
“From this stated amount, inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N321.859 billion, the States received N245.418 billion, the Local Government Councils got N182.330 billion, while the Oil producing states received N52.799 billion as derivation, (13% of Mineral Revenue),” the statement noted.
The communiqué issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the gross revenue available from the Value Added Tax (VAT) for June 2022 was N193.827 billion. While the Federal Government got N29.074 billion, states received N96.914 billion and local government councils were given N67.839 billion. The total distributable for the month to N802.407 billion.
In addition, N608.580 billion in gross statutory revenue was distributed, with the Federal Government receiving N292.785 billion.
State governments received N148.505 billion, while local governments received N114.491 billion.
Oil-producing states received N52.799 billion.
According to the communiqué, companies’ income tax and petroleum profit tax increased significantly, while import duty and oil and gas royalties increased marginally.
However, excise duties fell significantly, while VAT fell only slightly. It was also revealed that the total revenue distributable for June was derived from statutory revenue of N608.580 billion and VAT of N193. 827 billion, bringing the total revenue distributable for June to N608.580 billion.
