Nigeria’s Federation Accounts Allocation Committee (FAAC) announced that the FG, States and Local Government’s shared N651.18 billion in Federation account revenues for the month of June.
This was announced in a statement by the Head of information and Public relations of the FAAC, Mr Henshaw Ogubike, on Sunday. He also added that the June meeting was chaired by the Accountant General of the Federation, Ahmed Idris through a virtual Teleconference.
This comes in a period of reduced oil revenues due to the coronavirus pandemic. Nigeria is also expected to extend its production cut to September as OPEC reduces its production cuts from 9.6 million barrels a day to 7.7 million barrels a day.
The FAAC revenue would be shared with the FG receiving N266.13 billion, N185.77 billion to the states and the sum of N138.97 billion going to the local governments.
Due to the 13% derivation policy for oil-producing states, the Oil producing states in the Niger Delta received N28.49 billion.
Mr Ogubike also announced that the significant increase in VAT, import duties, and oil and gas royalties increased for the month of June, however, Petroleum profit tax recorded a decline as government agencies received N76.80 billion for the month of June.