The Federation Account Allocation Committee (FAAC) has disclosed that the three tiers of government shared a total sum of N1.35 trillion in June, a increase of N150m from the N1.2tn shared in May.
According to a statement by the Director of Information and Public Relations, Finance Ministry, Mohammed Manga, “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 for a gross total of N2,48tn.”
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The statement added that “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).”
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.
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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.”
The statement also disclosed that the sum of N472.19bn from Exchange Difference was shared, with the Federal Government receiving N224.51bn, States getting N113.88bn, Local Government Councils receiving N87.79bn, and N46.01bn given for Derivation (13 per cent of Mineral Revenue).
