- Excess Crude Account rises by $48m
Ndubuisi Francis in Abuja
The Federation Accounts Allocation Committee (FAAC) has shared a total of N762.597 billion to the three tiers of government for the month of June 2019. The N762.597 billion, which is higher than the N679.69 billion shared in June, comprised revenue from Value Added Tax (VAT), Exchange Gain and Gross Statutory Revenue.
The committee in a communiqué after its meeting in Abuja, Thursday also announced that as at July 24, 2019, the balance in the Excess Crude Account (ECA) stood at $111.2 million, representing a $48 million increase over the $63.05 balance as at June.
The gross statutory revenue for the month of June 2019 was N652.949 billion, which was higher than the N571.731 billion received in the previous month by N81.218 billion.
Revenue from Value Added Tax (VAT) was N 108.631 billion as against N106.826 billion distributed in the preceding month, showing an increase of N1.805 billion. Exchange Gain yielded a total revenue of N1.017 billion.
FAAC stated that from the total revenue of N762.597, the federal government received N309.433 billion, states got N201.157 billion, and the local government councils received N151.384 billion.
Oil producing states received N38.705 billion as 13 per cent derivation revenue while the revenue generating agencies received N61.918 billion as cost of revenue collection.
A breakdown of the distribution showed that from the gross statutory revenue of N652.949 billion, the federal government received N293.305 billion, the states received N148.768 billion, the local government councils received N114.694 billion, the Oil-producing states received N38.610 billion as 13 per cent derivation revenue and the revenue collecting agencies received N57.573 billion as cost of collection.
From the Value Added Tax (VAT), the federal government received N15.643 billion, the states received N52.143 billion, the local government councils received N36.500 billion and the Revenue generating agencies received N4.345 billion.