National Telescope national telescope newspaper
Taiwo Niyi
The Federation Accounts Allocation Committee (FAAC) has announced the distribution of N1.354 trillion as June 2024 Federation Accounts Revenue to the Federal Government, States, and Local Government Councils across Nigeria.
Bawa Mokwa, spokesperson for the Office of the Accountant-General of the Federation, revealed this in a communiqué issued by FAAC after its July 2024 meeting, led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The communiqué detailed that the total distributable revenue included N142.514 billion from statutory sources, N523.973 billion from Value Added Tax (VAT), N15.692 billion from the Electronic Money Transfer Levy (EMTL), N472.192 billion from Exchange Difference revenue, and an additional augmentation of N200.000 billion.
The total revenue available for distribution for June 2024 was N2.484 trillion. After deducting N92.112 billion for collection costs and N1.037 trillion for transfers, interventions, and refunds, the net distributable revenue of N1.354 trillion was shared.
Breaking down the distribution, the Federal Government received N459.776 billion, State Governments received N461.979 billion, and Local Government Councils received N337.019 billion. Additionally, N95.598 billion was allocated to the benefiting States as derivation revenue, which constitutes 13% of mineral revenue.
Further details indicated that the Federal Government received N48.952 billion from the distributable statutory revenue, N78.596 billion from VAT revenue, N2.354 billion from EMTL revenue, N224.514 billion from Exchange Difference revenue, and N105.360 billion from the augmentation.
Comparing revenue performance to the previous month, the communiqué noted significant increases in Companies Income Tax (CIT) and VAT, alongside marginal increases in Import and Excise Duties and EMTL. However, there were notable decreases in Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies.
The communiqué also reported that the balance in the Excess Crude Account (ECA) stood at $473,754.57.
