FG, states, LGs share ₦1.354trn in June
From the ₦1.354 trillion total revenue, the Federal Government received a total sum of ₦459.776 billion.
The Federation Accounts Allocation Committee (FAAC) gas shared a total sum of ₦1.354 trillion in June revenue among the Federal Government, states, and Local Government Councils (LGCs).
red at the July meeting of FAAC, held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
A communiqué issued by FAAC stated that the N1.354 trillion total revenue comprised statutory revenue of ₦142.514 billion, and Value Added Tax (VAT) revenue of ₦523.973 billion.
I also comprised Electronic Money Transfer Levy (EMTL) revenue of ₦15.692 billion, Exchange Difference revenue of ₦472.192 billion, and Augmentation of N200 billion.
The communique said that total revenue of ₦2.483 trillion was available in June 2024.
"Total deduction for cost of collection was ₦92.112 billion, while total transfers, interventions, and refunds were ₦1.037 trillion.
“Gross statutory revenue of ₦1.432 trillion was received for the month of June. This was higher than the sum of ₦1.223 trillion received in May by ₦208.773 billion.
“Gross revenue of ₦562.685 billion was available from VAT in June.
“This was higher than the ₦497.665 billion available in May by ₦65.020 billion,” it said.
According to the communiqué, from the ₦1.354 trillion total revenue, the Federal Government received a total sum of ₦459.776 billion, the state governments received a total sum of ₦461.979 billion and the LGCs received a total sum of ₦337.019 billion.
It said that a total sum of ₦95.598 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
It added that the balance in the Excess Crude Account was $473, 754.
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