The Federation Account Allocation Committee (FAAC) has announced that the three tiers of government shared a total sum of N1.35 trillion in June, exceeding the N1.2 trillion shared in May by N150 million.
According to a statement by Mohammed Manga, Director of Information and Public Relations, Federal Ministry of Finance, the Federal Government received N459.776 billion, States got N461.979 billion, and Local Government Councils received N337.019 billion.
The FAAC meeting, chaired by Finance Minister Wale Edun, shared a total sum of N1.35 trillion, including gross statutory revenue, Value Added Tax, Electronic Money Transfer Levy, Exchange Difference, and an augmentation of N200 billion.
The Federal Government received N459.776 billion, States received N461.979 billion, Local Government Councils got N337.019 billion, and Oil Producing States received N95.598 billion as derivation (13% of mineral revenue).
The statement also revealed that Companies’ Income Tax and Value Added Tax increased significantly, while Import and Excise Duties and Electronic Money Transfer Levies increased marginally.
Petroleum Profit, Royalty Crude, Rentals, and Customs External Tariff levies recorded considerable decreases.
The total revenue distributable for June 2024 was N1.36 trillion, drawn from Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, Exchange Difference, and Augmentation. The balance in the Excess Crude Account stands at $473,754.57 as of July 2024.
It is unclear if Local Government Councils administered by caretaker committees received statutory allocations, as directed by the Supreme Court last week.
Recall that the court ordered the Federal Government to pay local government funds directly into their exclusive accounts, stating that no state government should receive monies meant for Local Governments.
