A total amount of N1.354 trillion from the June 2024 Federation Accounts Revenue has been distributed to the Federal Government, States, and Local Government Councils across the country.
The funding was distributed during the July 2024 Federation Accounts Allocation Committee (FAAC) meeting in Abuja, which was chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
According to a communiqué issued by FAAC and signed by a spokesperson for the Accountant General of the Federation, Bawa Mokwa, the total distributable revenue of N1.354 trillion included N142.514 billion in distributable statutory revenue, N523.973 billion in distributable Value Added Tax (VAT) revenue, N15.692 billion in Electronic Money Transfer Levy (EMTL) revenue, N472.192 billion in Exchange Difference revenue, and a N200 billion augmentation.
In June 2024, the total available revenue was N2.483 trillion. The overall deduction for collecting costs was N92.112 billion, while transfers, interventions, and refunds totaled N1.037 trillion.
The gross statutory revenue for June 2024 was N1.432 trillion, exceeding the N1.223 trillion received in May 2024 by N208.773 billion.
In June 2024, the Value Added Tax (VAT) earned a gross revenue of N562.685 billion, above the N497.665 billion available in May 2024 by N65.020 billion.
According to the communiqué, of the total distributable revenue of N1.354 trillion, the Federal Government received N459.776 billion, State Governments received N461.979 billion, and Local Government Councils received N337.019 billion.
The beneficiary States received a total of N95.598 billion (13% of mineral revenue) in derivation money.
From the N142.514 billion in distributable statutory revenue, the Federal Government received N48.952 billion, the State Governments received N24.829 billion, and the Local Government Councils received N19.142 billion. Additionally, N49.591 billion, representing 13% of mineral revenue, was allocated to the benefiting states as derivation revenue.
Out of the N523.973 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N78.596 billion, the State Governments received N261.987 billion, and the Local Government Councils received N183.391 billion.
The Federal Government received N2.354 billion from the N15.692 billion Electronic Money Transfer Levy (EMTL), while the State Governments received N7.846 billion and the Local Government Councils received N5.492 billion.
From the N472.192 billion Exchange Difference revenue, the Federal Government was allocated N224.514 billion, the State Governments received N113.877 billion, and the Local Government Councils received N87.794 billion. Additionally, N46.007 billion, equivalent to 13% of mineral revenue, was shared with the benefiting states as derivation revenue.
In terms of the N200 billion augmentation, the Federal Government received N105.360 billion, State Governments received N53.440 billion, and Local Government Councils received N41.200 billion.
The communiqué further stated that in June 2024, there were large increases in Companies’ Income Tax (CIT) and Value Added Tax (VAT), while Import and Excise Duties and the Electronic Money Transfer Levy (EMTL) increased marginally. Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies all experienced significant declines.
Meanwhile, the nation’s excess crude account balance stood at $473,754.57.