The balance in Nigeria’s Excess Crude Account (ECA) increased to $72,407 million in June, even as the Federation Accounts Allocation Committee (FAAC) said it divided N651,184 billion for the month.
The ECA balance for the month increased by $186,000, up from around $72.2 million reported last month.
A further N45 billion has been transferred to the excess non-oil revenue account. The allocation to the North East Development Commission (NEDC) amounted to N8.419 billion.
These information were included in a statement released at the end of the FAAC online meeting held on Friday in June, chaired by the Accountant-General of the Federation, Ahmed Idris.
Federation Account revenue is the belongs of the federal , state and local governments and the related agencies in the country.
The FAAC Secretariat announced that the gross statutory revenue realized in June amounted to approximately N524.526 billion, approximately N110.573 billion higher than the N413.953 billion earned in the previous month.
The composition of the gross revenue included about N128.826 billion of the Value Added Tax ( VAT), with about N42.832 billion realized as foreign exchange earnings per month.
In addition , the total VAT revenue available for distribution rose to N24,953 billion rather than N103,873 billion in the previous month.
The total sum available for distribution between the three sections of the government and the agencies concerned was approximately N651.184 billion.
The federal government got N266,131 billion, the state governments N185,774 billion and the local government N138,974 billion.
Oil-producing states earned N28.496 billion as their 13 per cent derivative income, while N76.809 billion was distributed to revenue-generating agencies and others.
Approximately N24.047 billion was paid to the Department of Petroleum Resources ( DPR), the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service as revenue collection costs; N3.865 billion was transferred to the North East Development Commission (NEDC), the Police Trust Fund (PTF) collected N3.897 billion and N45 billion went to the excess non-oil revenue account.
Out of VAT revenue, the federal government collected N17,971 billion, state governments N59,904 billion, local governments N41,933 billion, tax / relevant agencies N5,153 billion as collection costs, while N3,865 billion was transferred to NEDC, totalling N9,018 billion.
Out of Exchange Gain revenue, the federal government received N20.576 billion, state governments received N10.436 billion, local governments received N8.046 billion, and oil-producing states received N3.774 billion.
During the month, FAAC stated that Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases, but Petroleum Profit Tax declined.
