The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N1,354.371 trillion as June 2024 Federation Accounts Revenue to the Federal Government, States, and Local Government Councils in the country.

The revenue was shared at the July 2024 meeting of FAAC chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja.

The FAAC, in a communique issued on Tuesday, July 16, 2024, stated that the N1,354.371 trillion total distributable revenue comprised distributable statutory revenue of N142.514 billion, distributable Value Added Tax (VAT) revenue of N523.973 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion, and Augmentation of N200.000 billion.

The committee noted that the total revenue of N2,483.890 billion was available in the month of June 2024, adding that the total deduction for cost of collection was N92.112 billion while total transfers, interventions, and refunds was N1,037.407 billion.

It stated that gross statutory revenue of N1,432.667 billion was received for the month of June 2024, noting that this was higher than the sum of N1,223.894 billion received in May 2024 by N208.773 billion.

The FAAC disclosed that the gross revenue of N562.685 billion was available from the VAT in June 2024, saying this was higher than the N497.665 billion available in May 2024 by N65.020 billion.

The FAAC stated that from the N1,354.371 billion total distributable revenue, the federal government received N459.776 billion, the state governments received N461.979 billion, and the local government councils received N337.019 billion.

The committee noted that a total sum of N95.598 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

FAAC: FG, states, LGCs share N1.143trn May revenue

On the N142.514 billion distributable statutory revenue, the FAAC stated that the federal government received N48.952 billion, the state governments received N24.829 billion, and the local government councils received N19.142 billion.

“The sum of N49.591 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it added.

The FAAC further revealed that the federal government received N78.596 billion, the state governments received N261.987 billion, and the local government councils received N183.391 billion from the N523.973 billion distributable VAT revenue.

It noted that a total sum of N2.354 billion was received by the federal government from the N15.692 billion EMTL, while the state governments received N7.846 billion and the local government councils received N5.492 billion.

The committee disclosed that from the N472.192 billion Exchange Difference revenue, the federal government received N224.514 billion, the state governments received N113.877 billion, and the local government councils received N87.794 billion.

The FAAC said a total sum of N46.007 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

On the N200.000 billion augmentation, the FAAC said the federal government received N105.360 billion, the state governments received N53.440 billion, and the local government councils received N41.200 billion.

According to the FAAC, in the month of June 2024, Companies Income Tax Oil (CIT) and VAT increased significantly while Import and Excise Duties and EMTL increased marginally.

It added: “Royalty Crude, Petroleum Profit Tax (PPT), Rentals and CET Levies recorded considerable decreases.

“The balance in the ECA was $473,754.57.”

The Star