FAAC Allocation: 7 Oil Producing States Receive N70.4Bn, As Delta Gets Highest With N23Bn

Oasis Magazine reports that the Federation Account Allocation Committee (FAAC) has shared a total of N70.4 billion to the seven oil producing states from the total sum of N907.054 billion from the June 2023 Federation Account Revenue shared by the Federal Government, States and Local Government Councils.

Of the seven states, Delta State is said to have received the highest allocation of N23bn while Anambra got the lowest with N2.386bn.

Others are Rivers- N13bn, Akwa Ibom- N12.72nd, Bayelsa – N12.3bn; Edo – N3.4bn and Ondo N2.968bn.

A source said that Tinubu will pay their balance of outstanding from 1999 till date, saying that the previous adminstration paid a significant sum from the said amount owed the states.

Recall that recently the FAAC meeting for July 2023 held.

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According to a communiqué issued at the end of the meeting 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.

The communiqué signed by Bawa Mokwa Director (Press and Public Relations) office of the accountant general of the federation, said 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.