FAAC Shares ₦1.354 Trillion in June Revenue to Federal, State, and Local Governments

The Federation Accounts Allocation Committee (FAAC) has distributed a total of ₦1.354 trillion in June revenue among the Federal Government, state governments, and Local Government Councils (LGCs).

The allocation was made during FAAC’s July meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

According to a communiqué issued by FAAC, the ₦1.354 trillion total revenue comprised several sources: statutory revenue of ₦142.514 billion, Value Added Tax (VAT) revenue of ₦523.973 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦15.692 billion, exchange difference revenue of ₦472.192 billion, and an augmentation of ₦200 billion.

The communiqué noted that the total revenue available in June 2024 was ₦2.483 trillion. It detailed that total deductions for the cost of collection were ₦92.112 billion, while total transfers, interventions, and refunds amounted to ₦1.037 trillion.

“Gross statutory revenue of ₦1.432 trillion was received for June, which was higher than the ₦1.223 trillion received in May by ₦208.773 billion. Additionally, gross revenue of ₦562.685 billion was available from VAT in June, an increase from ₦497.665 billion in May by ₦65.020 billion,” the communiqué stated.

From the ₦1.354 trillion total revenue, the Federal Government received ₦459.776 billion, state governments received ₦461.979 billion, and LGCs received ₦337.019 billion. Furthermore, ₦95.598 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.

The communiqué also mentioned that the balance in the Excess Crude Account stood at $473,754.