The federal, state, and local governments have each received N1.354 trillion in revenue from the Federation Accounts Allocation Committee in June.
The revenue was distributed during the July FAAC meeting, which was presided over by Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, and took place in Abuja.
According to an FAAC communiqué, the N1.354 trillion in total revenue was made up of N523.973 billion in value-added tax (VAT) revenue and N142.514 billion in statutory revenue.
It also included N15.692 billion in revenue from the Electronic Money Transfer Levy (EMTL), N472.192 billion from Exchange Difference, and N200 billion from Augmentation.
According to the communiqué, there will be N2.483 trillion in revenue available in June 2024.
With N1.432 trillion in gross statutory revenue received for June, the entire deduction for the cost of collection was N92.112 billion, while the total amount for transfers, interventions, and refunds was N1.037 trillion. The announcement stated that this was N208.773 billion more than the N1.223 trillion collected in May.
It said, “VAT generated gross revenue of N562.685 billion in June. This was N65.020 billion more than the N497.665 billion that was available in May.
The communiqué states that the federal government received N459.776 billion, the state governments received N461.979 billion, and the local government units (LGAs) received N337.019 billion out of the N1.354 trillion total revenue.
It stated that the Excess Crude Account balance was $473,754 and that N95.598 billion, or 13% of mining revenue, was derivation revenue granted to the states that benefited.
