FG, States, LGAs Share N1.354 trillion – FAAC

The Federation Accounts Allocation Committee (FAAC), has shared N1.354 trillion June revenue among the federal government, states, and local government areas (LGAs).

The revenue was shared at the July meeting of FAAC, held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

A communiqué issued by FAAC stated that the N1.354 trillion total revenue includes statutory revenue of N 142.514 billion and Value Added Tax (VAT) revenue of N523.973 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion, and Augmentation of N200 billion.

The communique said N2.483 trillion was available in June 2024.

”Total deduction for the cost of collection was N92.112 billion, while total transfers, interventions, and refunds were N1.037 trillion.

“Gross statutory revenue of N1.432 trillion was received for June. This was higher than the sum of N1.223 trillion received in May by N208.773 billion.

“Gross revenue of N562.685 billion was available from VAT in June.

“This was higher than the N497.665 billion available in May by N65.020 billion,” it said.

According to the communiqué, from the N1.354 trillion total revenue, the federal government received N459.776 billion, the state governments received N461.979 billion and the LGAs received N337.019 billion.

It said N95.598 billion (13 percent of mineral revenue) went to the benefiting states as derivation revenue.

It added that the balance in the Excess Crude Account was 473, 754 dollars.