FAAC: FG, States, LG Share N1.36trn In July
BY BLESSING NKEREUWEM – The Federal Government, States, and Local Government Councils (LGCs) have shared the total sum of N1.358 trillion as Federation Allocation for the month of July 2024.
Rising from the August meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, the communique stated that amount includes N161.59 billion from statutory revenue, N582.31 billion from Value Added Tax (VAT), and N18.82 billion from the Electronic Money Transfer Levy (EMTL).
Additionally, Exchange Difference revenue of N581.71 billion and Solid Mineral revenue of N13.65 billion were also part of the distribution.
The FAAC communiqué further stated that the total revenue available for July 2024 was N2.61 trillion, with deductions of N99.76 billion for cost of collection and N1.16 trillion for transfers, interventions, and refunds.
It also explained that despite a slight drop in gross statutory revenue from June 2024, VAT revenue recorded a notable increase during the month.
According to the communique, gross statutory revenue of N1,387.150 billion was received for the month of July 2024. This was lower than the sum of N1,432.667 billion received in the month of June 2024 by N45.517 billion.
From the N1.36 trillion distributed, the Federal Government received N431.08 billion, States received N473.48 billion, and LGCs received N343.70 billion. An additional N109.82 billion was allocated as derivation revenue to the benefiting states.
From the N582.307 billion distributable Value Added Tax (VAT) revenue, the Federal Government got N87.346 billion, the State Governments received N291.154 billion while N203.807 billion went to the Local Government Councils.
Also, it was highlighted that from the N13.647 billion Solid Mineral revenue, the Federal Government received N6.255 billion and the State Governments got N3.172 billion while the Local Government Councils received N2.446 billion with the sum of N1.774 billion (being 13% of mineral revenue) shared to the benefiting States as derivation revenue.
A statement signed by Bawa Mokwa Director, Press and Public Relations, Office of the Accountant General of the Federation (OAGF), said significant increases were observed in Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL, and CET Levies for the month.
However, Companies Income Tax (CIT) witnessed a drop while Excise Duties experienced a marginal increase during the period.
The statement also indicated that the Excess Crude Account (ECA) balance now stands at $473,754.57.
