FAAC: FG, states, LGs share N1.354 trn

The Federation Accounts Allocation Committee (FAAC) gas shared a total sum of N1.354 trillion June revenue among the Federal Government, states and Local Government Councils (LGCs).

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 comprised statutory revenue of N142.514 billion, and Value Added Tax (VAT) revenue of N523.973 billion.

I 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 that a total revenue of N2.483 trillion was available in the month of June 2024.

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

“Gross statutory revenue of N1.432 trillion was received for the month of June. This was higher than the sum of N1.223 trillion received in the month of 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 the month of May by N65.020 billion,” it said.

Accordimg to the communiqué, from the N1.354 trillion total revenue, the Federal Government received total sum of N459.776 billion, the state governments received total sum of N461.979 billion and the LGCs received total sum of N337.019 billion.

It said that a total sum of N95.598 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

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