A guide of Nigeria The Federation Accounts Allocation Committee (FAAC) has circulated a sum of 651.184 billion as of June 2020 Federation Account Revenue to the Federal, States and Local Governments Councils and pertinent offices in the nation.
This was contained in a dispatch by the Federation Account Allocation Committee (FAAC) after its month to month meeting for July 2020 held through virtual conferencing and led by Ahmed Idris, the Accountant General of the Federation.
The gross legal income accessible in June 2020 was N524.526 billion; the gross income from the Value Added Tax (VAT) was N128.826 billion and the income from the Exchange Gain was N42.832 billion.
. From this aggregate, the total of N45 billion was spared in the Excess Non-Oil Revenue Account and the equalization of N651.184 billion was imparted to the three levels of government and significant offices.
The equalization in the Excess Crude Account (ECA) as of sixteenth July 2020 was $72.407 million. The gross legal income of N524.525 billion accessible in June was higher than the N413.953 billion got in the earlier month by N110.573 billion. Likewise, the gross income of N128.826 billion accessible from the Value Added Tax (VAT) was higher than the N103.873 billion in the earlier month by N24.953 billion. The report showed that from the absolute income, the Federal Government got N266.131 billion, the State Governments got N185.774 billion, and the Local Government Councils got N138.974 billion.
The Oil Producing States got N28.496 billion as 13% induction income, N76.809 billion was given to income/Relevant Agencies as follows, Cost of assortment… ..24.047, Transfer to NEDC… ..3.865, PTF… .3.897, Transfer to Excess non oil… ..45.000 TOTAL… … 76.809. The Federal Government got N227.584 billion from the gross legal income, the State Governments got N115.434 billion and the Local Government Councils got N88.995 billion.
The entirety of N24.722 billion was given to the pertinent States as a 13% induction income. The Federal Government got N17.971 billion from the Value Added Tax (VAT) income, the State Governments got N59.904 billion, the Local Government Councils got N41.933 billion, and the income/Relevant Agencies received,5.153 as cost of assortment and 3.865 moved to NEDC, totalling N9.018 billion.
FAAC likewise affirmed that the Federal Government got N20.576 billion, the State Governments got N10.436 billion, the Local Government Councils got N8.046 billion and the Oil Producing States got N3.774 billion from the Exchange Gain income. For the month under audit, Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded huge increments while Petroleum Profit Tax declined.