FG, States, LGs share N1.354 trn in June
The Federation Accounts Allocation Committee (FAAC), has announced the distribution of N1.354 trillion as June 2024 Federation Accounts Revenue to the Federal Government, States, and Local Government Councils across the country.
A statement from the Office of the Office of Accountant-General of the Federation’s (OAGF) Spokesperson, Bawa Mokwa, said that the figure was disclosed in a communiqué issued by FAAC after its July 2024 meeting led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According the communiqué, the total distributable revenue included N142.514 billion from statutory sources, N523.973 billion from Value Added Tax (VAT), N15.692 billion from Electronic Money Transfer Levy (EMTL), N472.192 billion from Exchange Difference revenue, and an augmentation of N200.000 billion.
The total revenue available for distribution for the month of June 2024 was N2.484 trillion. After deductions for cost of collection totaling N92.112 billion and transfers, interventions, and refunds amounting to N1.037 trillion, the net distributable revenue of N1.354 trillion was shared.
Highlighting the breakdown, the communiqué detailed that the Federal Government received N459.776 billion, State Governments received N459.776 billion, State Governments received N461.979 billion, and Local Government Councils received N337.019 billion from the total distributable revenue. Additionally, N95.598 billion was allocated to the benefiting States as derivation revenue, constituting 13% of mineral revenue.
Further breakdowns indicated that the Federal Government received N48.952 billion from the distributable statutory revenue, N78.596 billion from VAT revenue, N2.354 billion from EMTL revenue, N224.514 billion from Exchange Difference revenue, and N105.360 billion from the augmentation.
In terms of revenue performance compared to the previous month, the communiqué noted significant increases in Companies Income Tax Oil (CIT) and VAT, alongside marginal increases in Import and Excise Duties and EMTL.
However, Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies experienced notable decreases.
The communiqué also reported that the balance in the Excess Crude Account (ECA) stood at $473,754.57.
