FAAC Distributes N2.55 Trillion June Revenue to Governments

On Tuesday, the Federation Account Allocation Committee (FAAC) announced the distribution of N2.550 trillion as revenue generated in June to the Federal Government, states, and local government areas. This amount is N250 billion higher than the previous month, reflecting a 10.9 percent increase.

The rise in revenue was attributed to stronger collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty, petroleum royalties, gas flaring, rental income, Minimum Operating Revenue, Value Added Tax (VAT), import duties, and Common External Tariff (CET) levies. Mr. Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), confirmed that the revenue distribution was approved during the last FAAC meeting in Abuja.

The total distributable revenue included N1.809 trillion in statutory revenue and N740.724 billion in VAT revenue. The Federal Government received N923.438 billion, while the 36 states shared N838.208 billion, and local councils received N591.390 billion.

Oil-producing states received N197.610 billion as derivation.