FAAC doles out N1.35tn June Revenue shared Among FG, States, LGs

The Federation Account Allocation Committee (FAAC) on Tuesday said that the three tiers of government have shared N1.35 trillion revenue realised in June, 2024.

It explained that the amount shared was out of the total N2.48tn revenue generated by various agencies and N150million more than the N1.2tn shared in May.

This was contained in a statement by the Director of Information and Public Relations, Finance Ministry of Finance Mohammed Manga, issued in Abuja on Tuesday
According to him, the Federal Government received N459.776bn, the States received N461.979bn while the Local Government Councils got N337.019bn.

The statement reads, “The Federation Account Allocation Committee, at its July 2024 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1,35tn to the three tiers of government as Federation Allocation from a gross total of N2,48tn.

“From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, Exchange Difference, and an Augmentation of N200 Billion, the Federal Government received N459.776 Billion, the States received N461.979 Billion, the Local Government Councils got N337.019 Billion, while the Oil Producing States received N95.598 Billion as Derivation, (13 per cent of Mineral Revenue).”

It added that N92.11bn was given for the cost of collection, while N1.037bn was allocated for transfer Intervention and refunds.

It said Companies’ncome Tax and Value Added Tax increased significantly, Import and Excise Duties and Electronic Money Transfer levies increased marginally while Petroleum Profit, Royalty Crude, Rentals and Customs External tariff levies recorded considerably decreases.

According to jim, N92.11bn was given for the cost of collection, while N1.037bn was allocated for transfer intervention and refunds.

The Communique issued by the committee at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax for June 2024, was N562.685bn as against N497.66bn distributed in the preceding month, increasing to N65.020bn.

The Communique stated : “From that amount, the sum of N22.507bn was allocated for the cost of collection and the sum of N16.205bn was given for transfers, intervention and refunds.

“The remaining sum of N523.973bn was distributed to the three tiers of government, of which the Federal Government got N78.596bn, the States received N261.987bn and Local Government Councils got N183.39bn.

”Accordingly, the Gross Statutory Revenue of N1.24tn was received for the month.

“From the stated amount, the sum of N68.95bn was allocated for the cost of collection and a total sum of N1.02tn for transfers, intervention and refunds.

The remaining balance of N142.514bn was distributed as follows to the three tiers of government: Federal Government got the sum of N48.95bn, States received N24.83bn, the sum of N19.14bn was allocated to LGCs and N49.59bn was given to Derivation Revenue (13 per cent Mineral producing States).

“Also, the sum of N16.35bn from the Electronic Money Transfer Levy was distributed to the three tiers of government as follows: the Federal Government received N2.354bn, States got N7.85bn, Local Government Councils received N5.49bn, while N0.654bn was allocated for the cost of collection.”

The Communique also disclosed the sum of N472.19bn from Exchange Difference, which was shared as follows: Federal Government received N224.51bn, States got N113.88bn, the sum of N87.79bn was allocated to Local Government Councils, N46.01bn was given for Derivation (13 per cent of Mineral Revenue).

It further indicated that there is an Augmentation of N200bn which was shared as follows: the Government got N105.4bn, the States received the sum of N53.44bn, while the sum of .200bn was allocated to Local Government Councils.

“Companies’ Income Tax and Value Added Tax increased significantly, while Import and Excise Duties and Electronic Money Transfer Levies increased marginally. Petroleum Profit, Royalty Crude, Rentals and Customs External Tariff levies recorded considerable decreases.

According to the Communique, the total revenue distributable for the current month of June 2024, was drawn from Statutory Revenue of N142.5bn, Value Added Tax of N523.98bn, N15.69bn from Electronic Money Transfer Levy, N472.19bn from Exchange Difference and Augmentation of N200bn, bringing the total distributable amount for the month to N1.36tn.

“The balance in the Excess Crude Account as of July 2024 stands at $473,754.57,” the Communique said