FG, states, LGs share N762.6bn for June

Friday, 26 July 2019 05:30

FG, states, LGs share N762.6bn for June

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Federal government, the 36 states, as well as 744 local governments on Thursday, shared N762.6 billion as statutory allocation from Federation Accounts for June this year.

A communique issued at the end of Federation Accounts Allocation Committee meeting in Abuja by its Technical Sub-Committee showed gross statutory revenue received for the month was N652.9 billion.

The communique, signed by Accountant-General of the Federation, Mr Ahmed Idris, showed that gross revenue for the month was higher than the N571.7 billion received in the previous month by N81.2 billion.

The communique said revenue from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly during the month.

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Value Added Tax (VAT) revenue of N108.6 billion increased marginally by about N1.8 billion, against about N106.8 billion realised in the previous month.

Also, the communique showed royalties, import and excise duties decreased considerably.

From the net statutory revenue, the Federal Government received about N309.4 billion, representing 52.7 per cent, states received N201.2 billion (about 26.72 per cent); Local Government Councils received N151.4 billion representing about 20.6 per cent.

Oil producing states received N38.7 billion as 13 per cent derivation revenue.

From the revenue available from Value Added Tax (VAT), Federal Government received N15.6 billion (15 per cent), states N52.1 billion (50 per cent) and Local Government Councils received N36.5 billion (35 per cent).

The balance in the excess crude revenue account as at July 25 stood at $111.2 million.