The total of N1.354 trillion of revenue from the Federation Account for June 2024 has been distributed to the Federal Government, States, and Local Government Councils across Nigeria.
The distribution took place at the July 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja. The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
A press release issued by FAAC, signed by Bawa Mokwa, a spokesperson for the Accountant General of the Federation, explained the breakdown of the N1.354 trillion (£8.1 billion) total distributable revenue. This included:
- N142.514 billion of distributable statutory revenue.
- N523.973 billion of distributable Value Added Tax (VAT) revenue.
- N15.692 billion of Electronic Money Transfer Levy (EMTL) revenue.
- N472.192 billion of Exchange Difference revenue.
- N200 billion of additional funding (augmentation).
The total revenue available in June 2024 was N2,483.890 billion. Deductions for the cost of collection amounted to N92.112 billion, while total transfers, interventions, and refunds were N1,037.407 billion.
Statutory Revenue:
- Gross statutory revenue for June 2024 was N1.432.667 billion. This was an increase of N208.773 billion compared to May 2024.
Value Added Tax (VAT):
- Gross revenue from VAT in June 2024 was N562.685 billion. This was an increase of N65.020 billion compared to May 2024.
Distribution Breakdown:
- The Federal Government received a total of N459.776 billion from the total distributable revenue.
- State Governments received a total of N461.979 billion.
- Local Government Councils received a total of N337.019 billion.
Derivation Revenue:
- A total of N95.598 billion (13% of mineral revenue) was shared with benefiting States as derivation revenue.
Detailed Breakdown by Revenue Source:
- Statutory Revenue:
- The Federal Government received N48.952 billion.
- State Governments received N24.829 billion.
- Local Government Councils received N19.142 billion.
- An additional N49.591 billion (13% of mineral revenue) was shared with benefiting States as derivation revenue.
- Value Added Tax (VAT):
- The Federal Government received N78.596 billion.
- State Governments received N261.987 billion.
- Local Government Councils received N183.391 billion.
- Electronic Money Transfer Levy (EMTL):
- The Federal Government received N2.354 billion.
- State Governments received N7.846 billion.
- Local Government Councils received N5.492 billion.
- Exchange Difference Revenue:
- The Federal Government received N224.514 billion.
- State Governments received N113.877 billion.
- Local Government Councils received N87.794 billion.
- An additional N46.007 billion (13% of mineral revenue) was shared with benefiting States as derivation revenue.
- Augmentation:
The N200 billion of additional funding (augmentation) was distributed as follows:
- The Federal Government received N105.360 billion.
- State Governments received N53.440 billion.
- Local Government Councils received N41.200 billion.
Additional Notes:
- The communiqué reported significant increases in Companies' Income Tax Oil (CIT) and Value Added Tax (VAT) revenue for June 2024. Import and Excise Duties and Electronic Money Transfer Levy (EMTL) saw marginal increases.
- Conversely, Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies all experienced considerable decreases.
- As of June 2024, the balance in Nigeria's excess crude account stood at $473,754.57.