The Federation Account Allocation Committee (FAAC) has shared the sum of N907.054bn June 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for July 2023.
The meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
The total distributable revenue comprised distributable statutory revenue of N301.501bn, distributable Value Added Tax (VAT) revenue of N273.225bn, Electronic Money Transfer Levy (EMTL) revenue of N11.436bn and Exchange Difference revenue of N320.892bn.
The balance in the Excess Crude Account (ECA) was $473,754.57. The communiqué stated that Gross statutory revenue of N1.153trn was received for the month of June 2023, higher than the sum of N701.787bn received in the previous month by N451.134bn.
According to the communiqué signed by Bawa Mokwa Director (Press and Public Relations) office of the Accountant General of the Federation, Companies Income Tax (CIT) recorded tremendous increase in the month under review.
Import and Excise Duties, Value Added Tax (VAT), Oil and Gas Royalties increased significantly, while Petroleum Profit Tax (PPT) and Electronic Money Transfer Levy (EMTL) decreased considerably.
