What FG, States, LGAs Shared In June – FAAC

What FG, States, LGAs Shared In June – FAAC

In June, the Federation Account Allocation Committee (FAAC) disbursed a total sum of N907.054 billion to the Federal Government, States, and Local Government Areas.

The announcement was made in a communiqué issued after the FAAC meeting in July 2023, chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, as stated by FAAC’s spokesman, Bawa Mokwa.

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The total distributable revenue of N907.054 billion comprised N301.501 billion from distributable statutory revenue, N273.225 billion from distributable Value Added Tax (VAT) revenue, N11.436 billion from Electronic Money Transfer Levy (EMTL), and N320.892 billion from Exchange Difference revenue.

The FAAC also highlighted that the total deductions for the cost of collection in June 2023 were N73.235 billion, and the total deductions for transfers and refunds were N979.078 billion.

Furthermore, the Excess Crude Account (ECA) balance stood at $473,754.57 during that period. The breakdown of the disbursed funds showed that the Federal Government received N345.564 billion, State Governments received N295.948 billion, and Local Government Councils received N218 billion.