FAAC Disburses N1.358 Trillion to FG, States, and LGAs in July 2024

The Federation Accounts Allocation Committee (FAAC) has distributed N1.358 trillion to the Federal Government, states, and local government councils for July 2024. This allocation is intended to ensure the fair distribution of resources across the country.

According to the communiqué issued after the FAAC meeting, the Federal Government received N431.079 billion, while states were allocated N473.477 billion. Local governments got N343.703 billion, and oil-producing states received N109.816 billion.

The breakdown of the N1.358 trillion includes N161.593 billion from statutory revenue, N582.307 billion from Value Added Tax (VAT), and N18.818 billion from the Electronic Money Transfer Levy (EMTL). The revenue also includes N581.710 billion from Exchange Difference and N13.647 billion from Solid Minerals.

The total revenue available in July 2024 was N2.613 trillion. After deducting N99.756 billion for collection costs and other expenses, N1.155 trillion was set aside for distribution.

The communiqué highlighted a drop in gross statutory revenue to N1.387 trillion, a decrease of N45.517 billion from June 2024. However, VAT collections rose to N625.329 billion, an increase of N62.644 billion compared to the previous month.

From the distributable statutory revenue of N161.593 billion, the Federal Government received N58.545 billion, states got N29.695 billion, and local governments were allocated N22.894 billion. Oil-producing states received N50.459 billion as 13% derivation revenue.

In terms of VAT, the Federal Government got N87.346 billion, states received N291.154 billion, and local governments were allocated N203.807 billion. For EMTL revenue, the Federal Government received N2.823 billion, states got N9.409 billion, and local governments received N6.586 billion.

Additionally, from the N581.710 billion Exchange Difference revenue, the Federal Government got N276.110 billion, states received N140.047 billion, and local governments were allocated N107.970 billion. The benefiting states received N57.583 billion in derivation revenue.

The Solid Mineral revenue of N13.647 billion was shared with the Federal Government receiving N6.255 billion, states N3.172 billion, and local governments N2.446 billion, with the oil-producing states receiving N1.774 billion as derivation revenue.

Despite the disbursements, the balance in the Excess Crude Account (ECA) remains unchanged at $473,754.57.