BY BLESSING NKEREUWEM – A total sum of N1.354 trillion from the June 2024 Federation Accounts Revenue has been distributed among the Federal Government, States, and Local Government Councils.
Rising from a meeting by chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Federation Accounts Allocation Committee (FAAC) said the N1.354 trillion total distributable revenue comprises N142.514 billion from distributable statutory revenue, and N523.973 billion from distributable Value Added Tax (VAT) revenue.
Others are N15.692 billion from Electronic Money Transfer Levy (EMTL) revenue, N472.192 billion from Exchange Difference revenue, and an augmentation of N200 billion.
In statement detailing the revenue allocation and made available by the Director, Press and Public Relations, Office of the Accountant General of the Federation (OAGF), Bala Mokwa, the total revenue available for June 2024 was N2.484 trillion, with N92.112 billion deducted for the cost of collection and N1.037 trillion allocated for transfers, interventions, and refunds.
The statement by Bawa quoted the FAAC communique as also indicating that Gross statutory revenue for June 2024 stood at N1.433 trillion, representing an increase of N208.773 billion from May 2024 figure of N1.224 trillion.
Additionally, VAT revenue recorded a rise to N562.685 billion in June 2024, an increase of N65.020 billion from May 2024 figure of N497.665 billion.
The communiqué specified the distribution of the funds that the Federal Government received N459.776 billion, State Governments got N461.979 billion, and Local Government Councils received N337.019 billion.
Furthermore, N95.598 billion (13% of mineral revenue) was distributed as derivation revenue to all the benefitting states.
Breaking down the N142.514 billion distributable statutory revenue, the Federal Government received N48.952 billion, State Governments received N24.829 billion, and Local Government Councils received N19.142 billion. The derivation revenue for benefiting states amounted to N49.591 billion.
From the N523.973 billion VAT revenue, the Federal Government received N78.596 billion, State Governments bagged N261.987 billion, and Local Government Councils got N183.391 billion.
The EMTL revenue distribution saw the Federal Government receiving N2.354 billion, State Governments receiving N7.846 billion, and Local Government Councils receiving N5.492 billion from the N15.692 billion total.
Regarding the N472.192 billion Exchange Difference revenue, the Federal Government got N224.514 billion, State Governments received N113.877 billion, while Local Government Councils pocketed N87.794 billion, with N46.007 billion shared as derivation revenue.
The N200 billion augmentation was distributed with the Federal Government getting N105.360 billion, State Governments receiving N53.440 billion, and Local Government Councils going home with N41.200 billion.
Also, the communiqué while noting significant Increases in Companies Income Tax (CIT) and VAT for June 2024, said Import and Excise Duties and EMTL recorded marginal increases.
However, there were considerable decreases in Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies.
Additionally, the communique indicated that balance in the Excess Crude Account (ECA) stood at $473,754.57.
