The Federation Accounts Allocation Committee, FAAC, has shared a total of N1.354 trillion June revenue among the three tiers of government of the federation. The Federal Government, States and Local Government Areas (LGAs).
The revenue was shared at the July meeting of FAAC, which was held in Abuja. And was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to the communiqué issued by FAAC at the end of the meeting, it stated that the total amount of N1.354 trillion was shared.
It stated that the total revenue includes statutory revenue of N 142.514 billion and Value Added Tax (VAT) revenue of N523.973 billion.
The revenue also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion. The Exchange Difference revenue of N472.192 billion, and Augmentation of N200 billion.
The communique stated that N2.483 trillion was available in June 2024.
“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,” it said.
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 LGAs received N337.019 billion.
It stated that N95.598 billion (13 per cent of mineral revenue) went to the benefiting States as derivation revenue.
The communique also added that the balance in the Excess Crude Account was 473, 754 Dollars.
source: NAN
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