FG, States, LGs share N1.354trn in June

From Adanna Nnamani, Abuja

The Federation Accounts Allocation Committee (FAAC), yesterday, said that N1.354 trillion was shared by the three tiers of government in June.

The spokesperson for the Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, disclosed this figure in a detailed communiqué following FAAC’s meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The total distributable revenue of N1.354 trillion comprised various sources: N142.514 billion from statutory allocations, N523.973 billion from Value Added Tax (VAT), N15.692 billion from Electronic Money Transfer Levy (EMTL), N472.192 billion from exchange difference revenue, and an augmentation of N200.000 billion.

Before distribution, the total revenue available for June 2024 was N2.484 trillion. After deducting N92.112 billion for collection costs and making transfers, interventions, and refunds amounting to N1.037 trillion, the net distributable revenue of N1.354 trillion was determined.

Breaking down the allocations, the communiqué specified that the federal government received N459.776 billion, state governments received N461.979 billion, and local government councils received N337.019 billion. Additionally, N95.598 billion was designated as derivation revenue for the benefiting states, constituting 13% of mineral revenue.

Further elaborating on revenue streams, the breakdown showed that the federal government received N48.952 billion from statutory allocations, N78.596 billion from VAT revenue, N2.354 billion from EMTL revenue, N224.514 billion from exchange difference revenue, and N105.360 billion from the augmentation.

Comparing revenue performance with the previous month, the communiqué highlighted significant increases in Companies Income Tax Oil (CIT) and VAT revenues, with slight increases in import and excise duties and EMTL. Conversely, there were notable decreases in Royalty Crude, Petroleum Profit Tax (PPT), rentals and CET levies.

In addition to these financial details, the communiqué also reported that the balance in the Excess Crude Account (ECA) stood at $473,754.57, underscoring ongoing fiscal management and strategic financial planning efforts at the federal level.