FG, states, LGAs’ allocations rise by 15.4% in June to N907.054bn

THE Federation Account Allocation Committee (FAAC) on Thursday, June 20 shared a total sum of N907.054 billion among the Federal government, states and local government areas in June.

The sum represented a 15.4 per cent appreciation from the sum of N786.161 billion shared in May 2023.

A report by The ICIR had projected a higher rise in federation allocation from gains expected from the removal of fuel subsidy and unification of the foreign exchange rates.

A statement by FAAC’s spokesman, Bawa Mokwa, said a FAAC meeting today that announced the sharing was chaired by the Accountant General of the Federation, Oluwatoyin Madein.

    Mokwa disclosed that the N907.054 billion total distributable revenue comprised distributable statutory revenue of N301.501 billion, distributable value added tax (VAT) revenue of N273.225 billion, electronic money transfer levy (EMTL) of N11.436 billion, and exchange difference revenue of N320.892 billion.

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

    It added that the balance in the excess crude account (ECA) was $473,754.57

    The statement explained that the Federal government received N345.564 billion, state governments received N295.948 billion, and local government councils received N218 billion.

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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