Excess oil revenue savings rise to $72m as FAAC shares N651.18bn in June

The balance in Nigeria’s Excess Crude Account (ECA) rose to $72.407 million in June, just as the Federation Accounts Allocation Committee (FAAC) said it shared N651.184 billion for the month.

The balance in the ECA for the month increased by $186,000, from about $72.2 million recorded last month.

Another N45 billion was transferred to the excess non-oil revenue account. Transfer to the North East Development Commission (NEDC) was N8.419 billion.

These details were contained in a communiqué issued at the end of the FAAC online meeting for June held on Friday and chaired by the Accountant-General of the Federation, Ahmed Idris.

Federation Account revenue belongs to the federal, state and local governments and relevant agencies in the country.

The FAAC secretariat said gross statutory revenue realised in June stood at about N524.526 billion, about N110.573 billion higher than the N413.953 billion received in the previous month.

The composition of the gross revenue included about N128.826 billion from the Value Added Tax (VAT), with about N42.832 billion realised as revenue from the foreign exchange gain for the month.

Also, the gross VAT revenue available for distribution was higher than the N103.873 billion realised in the previous month by N24.953 billion.

The total amount available for distribution among the three tiers of government and relevant agencies stood at about N651.184 billion.

The federal government received N266.131 billion, state governments got N185.774 billion, and the local government N138.974 billion.

Oil producing states got N28.496 billion as their13 per cent derivation revenue, while a total of N76.809 billion was given to revenue generation agencies and about N24.047 billion was paid to the Department of Petroleum Resources (DPR), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service as cost of revenue collection; N3.865 billion was transferred to the North East Development Commission (NEDC), Police Trust Fund (PTF) got N3.897 billion and N45billion went to the excess non-oil revenue account.

From VAT revenue, the federal government got N17.971 billion, state governments got N59.904 billion, local governments got N41.933 billion, revenue/relevant agencies received N5.153 billion as cost of collection while N3.865 billion was transferred to NEDC, totalling N9.018 billion.

From the Exchange Gain revenue, the federal government received N20.576 billion, state governments received N10.436 billion, local governments got N8.046 billion and the oil-producing states received N3.774 billion.

During the month, FAAC said Import and Excise Duty, Value Added Tax, Companies Income Tax, Oil and Gas Royalty recorded significant increases, but Petroleum Profit Tax declined.

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