FAAC Shares N907bn From N1.9trillion June Revenue

President Bola Tinubu has approved the establishment of Infrastructure Support Fund (ISF) for the 36 States of the Federation as part of measures to cushion the effects of the petrol subsidy removal on the people.

The approval was disclosed at the monthly meeting of the Federation Account Allocation Committee (FAAC), on Thursday July 20, 2023, in Abuja.

The Federation Account Allocation Committee (FAAC) shared the sum of 907.054 billion Naira for 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 301.501 billion Naira, distributable Value Added Tax (VAT) revenue of 273.225 billion Naira, Electronic Money Transfer Levy (EMTL) revenue of 11.436 billion Naira and Exchange Difference revenue of 320.892 billion Naira.

The balance in the Excess Crude Account (ECA) was 473,754.57 Dollars.

The communiqué stated that Gross statutory revenue of 1.153 trillion Naira was received for the month of June 2023, higher than the sum of 701.787 billion Naira received in the previous month by 451.134 billion Naira.

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.

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