FAAC Allocates N1.35tn To FG, States, LGs

A total of N1.35tn was on Tuesday shared to the Federal Government, States and Local Government Councils in the country.

The revenue was shared at the July 2024 meeting of the Federation Accounts Allocation Committee, held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

A communiqué issued by the FAAC stated that the N1.35tn total distributable revenue comprised statutory revenue of N 142.514bn, Value Added Tax revenue of N523.97bn, Electronic Money Transfer Levy (EMTL) revenue of N15.69b, Exchange Difference revenue of N472.19bn and Augmentation of N200bn.

Total revenue of N2.48tn was available in the month of June 2024. Total deduction for cost of collection was N92.112bn while total transfers, interventions and refunds was N1.03tn.

Gross statutory revenue of N1.43tn was received for the month of June 2024. This was higher than the sum of N1.22tn received in the month of May 2024 by N208.77bn.

The gross revenue of N562.68bn was available from the Value Added Tax (VAT) in June 2024. This was higher than the N497.66bn available in the month of May 2024 by N65.02bn.

The communiqué stated that from the N1.35bn total distributable revenue, the Federal Government received the sum of N459.77bn, the State Governments received N461.97bn and the Local Government Councils received total sum of N337.019bn.

A total of N95.598bn (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N142.514bn distributable statutory revenue, the communiqué stated that the Federal Government received N48.952bn, the State Governments received N24.829bn and the Local Government Councils received N19.14bn. The sum of N49.591bn (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

The Federal Government received N78.596bn, the State Governments received N261.987bn and the Local Government Councils received N183.39bn from the N523.97bn distributable Value Added Tax (VAT) revenue.

On the N200bn augmentation, the Federal Government received N105.360bn, the State Governments received N53.440bn and the Local Government Councils received N41.2bn.