Today, the three levels of government received a total of N1.354 trillion from the Federation Account Allocation Committee (FAAC).
The cash originated from the Federation revenue generated in June, according to a statement released following the meeting in Abuja.
Statutory revenue of N 142.5 billion, distributable Value Added Tax (VAT) revenue of N523.973 billion, revenue from the Electronic Money Transfer Levy (EMTL) of N15.692 billion, revenue from the Exchange Difference of N472.192 billion, and augmentation of N200.000 billion made up the distributable revenue.
In June 2024, a total revenue of N2.483 trillion was available.
N92.112 billion was deducted overall for collection costs, compared to N1,037.407 billion for transfers, interventions, and refunds.
For the month of June 2024, gross statutory income of N1.432 trillion was received.
This was more than the N208.773 billion that was received in May 2024—a total of N1.223 trillion.
The Value Added Tax (VAT) generated N562.685 billion in gross income as of June 2024. This was N65.020 billion more than the N497.665 billion that was available in May 2024.
According to the communiqué, the Federal Government received a total of N459.776 billion from the N1,354.371 billion total distributable revenue, the State Governments received a total of N461.979 billion, and the Local Government Councils received a total of N337.019 billion.
The beneficiary States received N95.598 billion, or 13% of the total revenue from minerals, as derivation money.
According to the communiqué, the Federal Government received N48.952 billion, State Governments received N24.829 billion, and Local Government Councils received N19.142 billion of the N142.514 billion distributable statutory revenue.
The beneficiary States received N49.591 billion, or 13% of the mineral earnings, as derivation money.
From 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 got N2.354 billion in total from the N15.692 billion Electronic Money Transfer Levy (EMTL). N5.492 billion was given to the Local Government Councils and N7.846 billion to the State Governments.
The Federal Government earned N224.514 billion, State Governments received N113.877 billion, and Local Government Councils received N87.794 billion from the N472.192 billion Exchange Difference revenue. The benefiting States received a total of N46.007 billion as derivation money, or 13% of the mineral revenue.
The Federal Government received N105.360 billion, State Governments received N53.440 billion, and Local Government Councils received N41.200 billion of the N200.000 billion augmentation.
The communiqué states that while import and excise duties and the electronic money transfer levy (EMTL) increased somewhat in June 2024, companies income tax oil (CIT) and value added tax (VAT) climbed significantly. There were notable declines in Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies.
The amount in the ECA was $473,754.57.
