The monthly disbursement made to the Federal, State and Local Governments increased by over N200 billion from N1.143 trillion in June to N1.354 trillion in July 2024.
According to the Federation Account Allocation Committee (FAAC), in its July 2024 meeting chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, Of the total amount shared to the 3 tiers of government the Federal Government received N459.776 Billion, the States received N461.979 Billion, the Local Government Councils got N337.019 Billion, while the Oil Producing States received N95.598 Billion as Derivation, (13% of Mineral Revenue).
The sum of N92.112 billion was given for the cost of collection, while N1. 037 trillion was allocated for transfers intervention and refunds.
According to the Communique, the total revenue distributable for the current month of June 2024, was drawn from Statutory Revenue of N142.514 billion, Value Added Tax (VAT) of N523.973 Billion, N15.692 Billion from Electronic Money Transfer Levy (EMTL), N472.192 Billion from Exchange Difference and Augmentation of N200 Billion.
The communique issued by the FAAC at the end of the meeting indicated a gross total of N2.483 trillion. The gross revenue available from the Value Added Tax (VAT) for the month of June 2024, was N562.685 billion as against N497.665 billion distributed in the preceding month, resulting in an increase of N65.020 billion.
Minister of Finance
From that amount, the sum of N22.507 billion was allocated for the cost of collection and the sum of N16.205 Billion given for Transfers, Intervention and Refunds. The remaining sum of N523.973 billion was distributed to the three tiers of government, of which the Federal Government got N78.596 billion, the States received N261.987 billion and Local Government Councils got N183.391 billion.
“Accordingly, the Gross Statutory Revenue of N1.23 trillion received for the month. From the stated amount, the sum of N68.951 Billion was allocated for the cost of collection and a total sum of N1.021trillion for transfers, intervention and refunds.
“The remaining balance of N142.514 billion was distributed as follows to the three tiers of government: Federal Government got the sum of N48.952 billion, States received N24.829 billion, the sum of N19.142 billion was allocated to LGCs and N49.591 billion was given to derivation revenue (13% Mineral producing States).
“Also, the sum of N16.346 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.354 billion, States got N7.846 billion, Local Government Councils received N5.492 billion, while N0.654 billion was allocated for cost of collection,” it stated.
The Communique also showed the Federal Government received N224.514 billion, States got N113.877 billion, the sum of N87.794 billion was allocated to Local Government Councils and N46.007 billion was given for Derivation (13% of Mineral Revenue) from N472.192 billion Exchange Difference.
It further indicated an Augmentation of N200 billion from which the federal government got N105.360 billion, the States received the sum of N53.440 billion, while the sum of N41.200 billion was allocated to Local Government Councils.
Also, the balance in the Excess Crude Account (ECA) as at July 2024 stands at $473,754.57.
Olaitan Ibrahim