Federation Account Allocation Committee (FAAC) has shared a total of N2.550 trillion among the Federal Government, states and the Local Government Councils (LGs) for the month of June.

A statement, Wednesday, confirming the development and signed by Bawa Mokwa, the Director, Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), said the revenue shared at the July meeting of the committee represents an increase by N1.049trn disbursed in May.

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The N2.550 trillion distributable revenue reportedly comprised statutory revenue of N1.809 trillion, Value Added Tax (VAT) of N740.724 billion.

Mokwa, as quoted in a communiqué issued by FAAC, said that gross revenue of N4.500 trillion was available in the month of June.

The director said a total deduction for cost of collection was N160.744 billion while total transfers and refunds stood at N1.789 trillion.

The communique said that the statutory revenue of N3.700 trillion was received for the month of June.

He said this was higher than the sum of N2.651 trillion received in the preceding month by N1.049 trillion.

Mokwa said the gross revenue of N799.746 billion was available from the Value Added Tax (VAT) in June.“This is higher than the N743.688 billion available in the month of May by N56.078 billion.

The communiqué said that from the N2.550 trillion revenue, the Federal Government received total sum of N923.438 billion and the state governments received N838.208 billion.

“The Local government councils received N591.390 billion, while the sum of N197.610 billion (13 per cent of mineral revenue) was shared to the benefiting state as derivation revenue.

“On the N1.809 trillion statutory revenue, the communiqué stated that the Federal Government received N849.366 billion and the state governments received N430.810 billion.

“The Local Government Councils received N332.136 billion and N197.610 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” he said.

The director also explained that from the N740.724 billion Value Added Tax (VAT) revenue, the Federal Government received N74.072 billion.

He said the state governments received N407.398 billion and the local governments (LGs) received N259.253 billion.

Mokwa said in June, Companies Income Tax (CIT), CGT, SDT, Petroleum Royalties, Gas Flared, Rental & MOR, Value Added Tax (VAT) increased significantly.

According to him, others are Import Duty and CET Levies increase significantly while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties and Fees decrease considerably.

He added that Excise Duty increased only marginally.