FG, States, LGAs share N1.35trn in June FAAC allocation
By Esther Agbo
The Federation Accounts Allocation Committee (FAAC) distributed N1.354 trillion in revenue for June among the Federal Government, states, and Local Government Councils (LGCs). This distribution occurred during the July FAAC meeting in Abuja, led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
A communiqué from the FAAC revealed that the N1.354 trillion total revenue included N142.514 billion in statutory revenue, N523.973 billion from Value Added Tax (VAT), N15.692 billion from the Electronic Money Transfer Levy (EMTL), N472.192 billion from the Exchange Difference, and an additional N200 billion.
The communiqué also noted that the total revenue available in June 2024 was N2.483 trillion which stated, “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.”
The communiqué detailed the distribution of the N1.354 trillion total revenue, the Federal Government received N459.776 billion, state governments received N461.979 billion, and Local Government Councils, LGCs received N337.019 billion. An additional N95.598 billion (13 percent of mineral revenue) was allocated to states as derivation revenue.
The communiqué also revealed an additional N200 billion was distributed, with the Federal Government receiving N105.360 billion, the states getting N53.440 billion, and the Local Government Councils receiving N41.200 billion.
The balance in the Excess Crude Account stood at $473,754.
Additionally, N16.346 billion from the EMTL was distributed with the Federal Government getting N2.354 billion, states N7.846 billion, LGCs N5.492 billion, and N0.654 billion allocated for the cost of collection.
The communiqué also noted significant increases in Companies Income Tax (CIT) and VAT, marginal increases in Import and Excise Duties and EMTL, and considerable decreases in Petroleum Profit Tax (PPT), Royalty Crude, Rentals, and Customs External Tariff (CET) levies.
