THE Federation Accounts Allocation Committee (FAAC) has shared N1.354trillion June revenue among the federal government, states and local government areas (LGAs).
The revenue was shared at the July meeting of FAAC held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
A communiqué issued by FAAC stated that the N1.354trillion total revenue was made up of statutory revenue of N142.514billion and Value Added Tax (VAT) revenue of N523.973billion, as well as Electronic Money Transfer Levy (EMTL) revenue of N15.692billion, Exchange Difference revenue of N472.192billion and Augmentation of N200billion.
The communique said N2.483trillion was available in June 2024, adding: “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 N1.223trillion received in the month of May by N208.773billion. 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.”
According to the communiqué, from the N1.354trillion total revenue, the federal government received N459.776billion, state governments N461.979billion and Local Governments received N337.019billion.
It said N95.598billion (13 per cent of mineral revenue) went to the benefiting states as derivation revenue, while the balance in the Excess Crude Account was $473, 754.
This is the first revenue shared among the three tiers of government after the Supreme Court granted financial autonomy to local governments.
