Highlight

Federal, 36 states, local gov’ts share N1.354trn revenue for June

The communiqué added that out of the N1.35 billion in total distributable revenue, the federal government received N459.77 billion, the state governments received N461.97 billion, and the local government councils received N337.019 billion.

Samuel AkpanJuly 16, 20241 Mins read1k

The federal government, 36 states, and the 774 local government councils in the nation shared a total of N1.35 trillion on Tuesday.

Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, presided over the disbursement at the Federation Accounts Allocation Committee’s July 2024 meeting in Abuja. The FAAC communiqué states that the total distributable revenue consisted of N142.514bn in statutory revenue, N523.97bn in value-added tax revenue, N15.69bn in electronic money transfer levy (EMTL) revenue, N472.19bn in exchange difference revenue, and N200bn in augmentation.

Total revenue of N2.48tn was available in the month of June 2024. The total deduction for the cost of collection was N92.112bn, while total transfers, interventions, and refunds were N1.03tn.

Gross statutory revenue of N1.43 trillion was received for the month of June 2024. This was higher than the sum of N1.22tn received in May 2024 by N208.77bn.

The gross revenue of N562.68bn was available from the Value Added Tax (VAT) in June 2024. This was higher than the N497.66bn available in the month of May 2024 by N65.02bn.

The benefiting states received a total of N95.598bn (13 percent of mineral revenue) as derivation revenue.

On the N142.514bn distributable statutory revenue, the communiqué stated that the Federal Government received N48.952bn, the State Governments received N24.829bn, and the Local Government Councils received N19.14bn. The sum of N49.591bn (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.

The Federal Government received N78.596bn, the State Governments received N261.987bn, and the Local Government Councils received N183.39bn from the N523.97bn distributable value-added tax (VAT) revenue.

On the N200bn augmentation, the Federal Government received N105.360bn, the state governments received N53.440bn and the local government councils got N41.2 billion.