The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.354 trillion in June revenue among the Federal Government, states, and Local Government Councils (LGCs).
The revenue sharing occurred at the July FAAC meeting in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to a communiqué issued by FAAC, the total revenue of N1.354 trillion comprised statutory revenue of N142.514 billion, Value Added Tax (VAT) revenue of N523.973 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion, and an Augmentation of N200 billion.
The communiqué stated that a total revenue of N2.483 trillion was available in June 2024.
“Total deduction for cost of collection was N92.112 billion, while total transfers, interventions, and refunds amounted to N1.037 trillion.
“Gross statutory revenue of N1.432 trillion was received for June, which was higher than the N1.223 trillion received in May by N208.773 billion.
“Gross revenue from VAT in June was N562.685 billion, an increase from the N497.665 billion available in May by N65.020 billion,” it said.
From the N1.354 trillion total revenue, the Federal Government received N459.776 billion, state governments received N461.979 billion, and LGCs received N337.019 billion.
Additionally, N95.598 billion (13 per cent of mineral revenue) was allocated to the benefiting states as derivation revenue.
The communiqué also noted that the balance in the Excess Crude Account was 473,754 dollars.
