The Federal Government, the states, and Local Government Councils (LGCs) received N1.354 trillion in revenue in June from the Federation Accounts Allocation Committee (FAAC).
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presided over this distribution during the July FAAC meeting in Abuja.
The Value Added Tax (VAT) revenue of N523.973 billion and the Statutory revenue of N142.514 billion made up the N1.354 trillion total revenue, according to an FAAC communiqué. It also included N15.692 billion in revenue from the Electronic Money Transfer Levy (EMTL), N472.192 billion from Exchange Differences, and an additional N200 billion.
The communiqué added that as of June 2024, a total of N2.483 trillion in income was available.
The statement reads: “Total transfers, interventions, and refunds were N1.037 trillion, while the total deduction for cost of collection was N92.112 billion.”
“Gross statutory revenue of N1.432 trillion was received in June. This exceeded the total of N1.223 trillion received in May by N208.773 billion.”
“In June, VAT generated a gross revenue of N562.685 billion. This exceeded the N497.665 billion available in May by N65.020 billion.”
The communiqué states that the federal government received N459.776 billion, state governments received N461.979 billion, and local government councils (LGCs) received N337.019 billion out of the N1.354 trillion total revenue.
Furthermore, the beneficiary states received N95.598 billion (13% of mineral revenue) as derivation money, with $473,754 remaining in the Excess Crude Account.
Distribution of EMTL, augmentation, and FX rate differential
The communiqué also revealed that N472.192 billion from the Exchange Difference was distributed as follows: N46.007 billion went to Derivation Revenue (or 13 percent of mineral revenue), N224.514 billion went to the Federal Government, N113.877 billion went to the States, and N87.794 billion went to LGCs.
An additional N200 billion was revealed in the communiqué, and it was split as follows: N41.200 billion went to Local Government Councils, N53.440 billion to the states, and N105.360 billion to the federal government.
In addition, the three levels of government received N16.346 billion from the Electronic Money Transfer Levy (EMTL): N2.354 billion went to the federal government, N7.846 billion to the states, N5.492 billion to local government councils (LGCs), N0.654 billion was set aside for collection costs.
Value Added Tax (VAT) and Companies Income Tax (CIT) both increased significantly, whereas import and excise duties and the Electronic Money Transfer Levy (EMTL) only slightly increased. On the other hand, there were notable declines in Petroleum Profit Tax (PPT), Royalty Crude, Rentals, and Customs External Tariff charges (CET).
