The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.354 trillion in revenue for June among the federal, state, and local governments. This distribution took place during FAAC’s July meeting in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to a communiqué issued by FAAC, the total revenue of N1.354 trillion includes various components: N142.514 billion from statutory revenue, 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 augmentation of N200 billion.
The communiqué also noted that the total revenue available in June 2024 was N2.483 trillion. Deductions for the cost of collection amounted to N92.112 billion, while total transfers, interventions, and refunds were N1.037 trillion. The gross statutory revenue received for June was N1.432 trillion, an increase of N208.773 billion compared to the N1.223 trillion received in May.
Additionally, the communiqué highlighted that gross revenue from VAT in June was N562.685 billion, which is N65.020 billion higher than the N497.665 billion collected in May.
From the total revenue of N1.354 trillion, the federal government received N459.776 billion, state governments received N461.979 billion, and local governments received N337.019 billion. Furthermore, N95.598 billion, representing 13% of mineral revenue, was allocated to benefiting states as derivation revenue. The communiqué also reported that the balance of the Excess Crude Account stands at $473,754.
