The Federation Accounts Allocation Committee (FAAC) distributed N1.354 trillion in June revenue among the Federal Government, states, and Local Government Councils (LGCs).
This distribution took place during the July FAAC meeting in Abuja, chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
According to a communiqué issued by FAAC, the N1.354 trillion total revenue included statutory revenue of N142.514 billion and Value Added Tax (VAT) revenue of N523.973 billion. It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion, and an augmentation of N200 billion.
The communiqué further stated that a total revenue of N2.483 trillion was available in June 2024.
It states, “Total deduction for cost of collection was N92.112 billion, while total transfers, interventions, and refunds was N1.037 trillion.”
“Gross statutory revenue of N1.432 trillion was received for the month of June. This was higher than the sum of N1.223 trillion received in the month of May by N208.773 billion.”
“Gross revenue of N562.685 billion was available from VAT in June. This was higher than the N497.665 billion available in the month of May by N65.020 billion,”
According to the communiqué, from the N1.354 trillion total revenue, the Federal Government received N459.776 billion, the state governments received N461.979 billion, and the Local Government Councils (LGCs) received N337.019 billion.
Additionally, N95.598 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue while the balance in the Excess Crude Account stood at $473,754.
Distribution of FX rate difference, EMTL and augmentation
The communiqué also disclosed that N472.192 billion from the Exchange Difference was shared as follows: the Federal Government received N224.514 billion, the States received N113.877 billion, LGCs received N87.794 billion, and N46.007 billion was allocated to Derivation Revenue (13% of mineral revenue).
The communiqué further disclosed an augmentation of N200 billion, which was distributed as follows: the Federal Government received N105.360 billion, the states received N53.440 billion, and Local Government Councils received N41.200 billion.
Furthermore, N16.346 billion from the Electronic Money Transfer Levy (EMTL) was distributed among the three tiers of government: the Federal Government received N2.354 billion, the States received N7.846 billion, LGCs received N5.492 billion, and N0.654 billion was allocated for the cost of collection.
Companies Income Tax (CIT) and Value Added Tax (VAT) saw significant increases, while Import and Excise Duties and the Electronic Money Transfer Levy (EMTL) increased marginally. Conversely, Petroleum Profit Tax (PPT), Royalty Crude, Rentals, and Customs External Tariff levies (CET) recorded considerable decreases.
