Daud Olatunji
In a substantial allocation of national resources, the Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.354 trillion as the June 2024 Federation Accounts Revenue to the Federal Government, States, and Local Government Councils across Nigeria.
This was disclosed at the July 2024 FAAC meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja.
According to a communique issued by FAAC on Tuesday, the N1.354 trillion distributable revenue comprises multiple revenue streams: N142.514 billion from statutory revenue, N523.973 billion from Value Added Tax (VAT), N15.692 billion from Electronic Money Transfer Levy (EMTL), N472.192 billion from exchange differences, and an augmentation of N200 billion.
The FAAC reported that the total revenue available in June 2024 amounted to N2.484 trillion.
After deducting N92.112 billion for the cost of collection and N1.037 trillion for transfers, interventions, and refunds, the net distributable revenue stood at N1.354 trillion.
A comparison with the previous month shows a significant increase in revenue.
The gross statutory revenue for June 2024 was N1.433 trillion, which is N208.773 billion higher than the N1.224 trillion received in May 2024.
Similarly, VAT revenue for June 2024 was N562.685 billion, marking a N65.020 billion increase from May’s N497.665 billion.
From the total distributable revenue of N1.354 trillion, the federal government received N459.776 billion, state governments got N461.979 billion, and local government councils were allocated N337.019 billion.
Additionally, N95.598 billion, representing 13% of mineral revenue, was distributed to the oil-producing states as derivation revenue.
Breaking down the N142.514 billion statutory revenue, the federal government received N48.952 billion, the states N24.829 billion, and local councils N19.142 billion.
An additional N49.591 billion from mineral revenue was shared among the oil-producing states.
From the VAT revenue of N523.973 billion, the federal government received N78.596 billion, state governments N261.987 billion, and local councils N183.391 billion.
The EMTL revenue of N15.692 billion was divided with the federal government receiving N2.354 billion, states N7.846 billion, and local councils N5.492 billion.
The exchange difference revenue of N472.192 billion was shared with the federal government getting N224.514 billion, states N113.877 billion, and local councils N87.794 billion.
Furthermore, N46.007 billion from mineral revenue was distributed to the oil-producing states.
An additional N200 billion augmentation saw the federal government receiving N105.360 billion, state governments N53.440 billion, and local councils N41.200 billion.
FAAC noted significant increases in Companies Income Tax Oil (CIT) and VAT for June 2024, with marginal increases in Import and Excise Duties and EMTL.
However, there were notable decreases in Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies.
The balance in the Excess Crude Account (ECA) was reported as $473,754.57.
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