The Federation Account Allocation Committee (FAAC) has distributed N2.550 trillion among the Federal Government, the 36 state governments and the 774 local government councils as revenue allocation for June.

The allocation was announced in a statement issued on Wednesday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, following the committee's July meeting in Abuja.

According to the statement, the distributable revenue comprises N1.809 trillion from statutory revenue and N740.724 billion from Value Added Tax (VAT).

FAAC said the total gross revenue available for June stood at N4.500 trillion. From this amount, N160.744 billion was deducted as the cost of collection, while N1.789 trillion was set aside for transfers, interventions and refunds.

The committee also reported an increase in revenue generation during the month. Statutory revenue rose from N2.651 trillion in May to N3.700 trillion in June, an increase of N1.049 trillion. VAT revenue also increased from N743.688 billion in May to N799.746 billion in June.

Of the N2.550 trillion shared, the Federal Government received N923.438 billion, while the 36 state governments received N838.208 billion. The 774 local government councils received N591.390 billion, while N197.610 billion, representing the 13 per cent derivation fund, was allocated to oil-producing states.

A breakdown of the statutory revenue shows that the Federal Government received N849.366 billion, the state governments got N430.810 billion, while the local government councils received N332.136 billion. The oil-producing states also received the N197.610 billion derivation allocation.

From the N740.724 billion VAT revenue, the Federal Government received N74.072 billion, while the state governments and local government councils received N407.398 billion and N259.253 billion, respectively.

The committee further disclosed that revenue from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, Petroleum Royalties, Gas Flare penalties, Rentals, MOR, VAT, Import Duty and CET Levies recorded significant increases during the month.

However, revenue from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties and related fees declined, while Excise Duty recorded only a marginal increase.

[NAN]