FAAC Shares N1.35tr June 2024 Federation Accounts Revenue
By Patience Ikpeme
At Tuesday’s Federation Accounts Allocation Committee (FAAC) meeting, a total sum of N1 354 trillion June 2024 Federation Accounts Revenue was distributed among the Federal Government, States, and Local Government Councils in Nigeria.
This disclosure was made during the July 2024 FAAC meeting in Abuja chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to the communiqué released by the FAAC, the N1.354 trillion total distributable revenue consisted of various components. These included N142.514 billion of distributable statutory revenue, N523.973 billion of distributable Value Added Tax (VAT) revenue, N15.692 billion of Electronic Money Transfer Levy (EMTL) revenue, N472.192 billion of Exchange Difference revenue, and N200 billion of augmentation.
The month of June 2024 saw a total revenue of N2.483 trillion, with N92.112 billion dedicated to cost of collection deductions and N1.037 trillion allocated for transfers, interventions, and refunds.
The gross statutory revenue for June 2024 recorded a significant increase, reaching N1.432 trillion, surpassing May’s figure of N1.223 trillion by N208.773 billion.
Furthermore, the Value Added Tax (VAT) revenue for June 2024 rose to N562.685 billion, indicating a N65.020 billion increase when compared to the N497.665 billion recorded in May 2024.
From the total distributable revenue of N1.354 trillion, 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 (13% of mineral revenue) was allocated to States as derivation revenue.
Regarding the N142.514 billion distributable statutory revenue, the Federal Government received N48.952 billion, State Governments received N24.829 billion, and Local Government Councils received N19.142 billion. A total sum of N49.591 billion (13% of mineral revenue) was shared with benefiting States as derivation revenue.
Furthermore, the distributable Value Added Tax (VAT) revenue of N523.973 billion allocated N78.596 billion to the Federal Government, N261.987 billion to State Governments, and N183.391 billion to the Local Government Councils.
The Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion saw the Federal Government receiving N2.354 billion, the State Governments receiving N7.846 billion, and the Local Government Councils receiving N5.492 billion.
The Exchange Difference revenue of N472.192 billion was divided with the Federal Government receiving N224.514 billion, State Governments receiving N113.877 billion, and Local Government Councils receiving N87.794 billion. Additionally, N46.007 billion (13% of mineral revenue) was allocated to benefiting States as derivation revenue.
Lastly, the augmentation of N200.000 billion funded the Federal Government with N105.360 billion, State Governments with N53.440 billion, and Local Government Councils with N41.200 billion.
In terms of revenue changes, the month of June 2024 witnessed significant increases in Companies Income Tax Oil (CIT) and Value Added Tax (VAT), while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) saw marginal increases. However, Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies encountered notable decreases.
The External Contingency Account (ECA) held a balance of $473,754.57.