According to an official release, in June 2024, Federation Accounts Revenue, the federal government, 36 states, and 774 local government bodies divided a total of N1.354 trillion among themselves.
The revenue was distributed during the July 2024 meeting of the Federation Accounts Allocation Committee (FAAC), which was presided over by Wale Edun, the Coordinating Minister of the Economy and Minister of Finance. This information was stated in a communiqué released by FAAC and signed by Bawa Mokwa, the Accountant General of the Federation.
The FAAC reported that the total distributable revenue was N1,354.371 trillion, of which N142.514 billion was the distributable statutory revenue, N523.973 billion was the distributable value-added tax (VAT) revenue, N15.692 billion was the revenue from the Electronic Money Transfer Levy (EMTL), N472.192 billion was the revenue from the exchange difference, and N200 billion was the augmentation.
Total revenue of N2,483.890 billion was available in June 2024. The total deduction for the cost of collection was N92.112 billion, while total transfers, interventions, and refunds were N1,037.407 billion.
Gross statutory revenue of N1,432.667 billion was received for June 2024. This was higher than the sum of N1,223.894 billion received in May 2024 by N208.773 billion.
The gross revenue of N562.685 billion was available from the Value Added Tax (VAT) in June 2024. This was higher than the N497.665 billion available in May 2024 by N65.020 billion.
The communiqué states that from the N1,354.371 billion in total distributable revenue, the Federal Government received a total sum of N459.776 billion, the State Governments received a total sum of N461.979 billion, and the Local Government Councils received a total sum of N337.019 billion.
A total sum of N95.598 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue. On the N142.514 billion distributable statutory revenue, the communiqué stated that the Federal Government received N48.952 billion, the State Governments received N24.829 billion, and the Local Government Councils received N19.142 billion.
The sum of N49.591 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue. The Federal Government received N78.596 billion, the State Governments received N261.987 billion, and the Local Government Councils received N183.391 billion from the N523.973 billion distributable value-added tax (VAT) revenue.
A total sum of N2.354 billion was received by the Federal Government from the N15.692 billion Electronic Money Transfer Levy (EMTL). The state governments received N7.846 billion, and the local government councils received N5.492 billion.
From the N472.192 billion in exchange difference revenue, the Federal Government received N224.514 billion, the State Governments received N113.877 billion, and the Local Government Councils received N87.794 billion. A total sum of N46.007 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N200 billion augmentation, the Federal Government received N105.360 billion, the State Governments received N53.440 billion, and the Local Government Councils received N41.200 billion.
According to the communiqué, in June 2024, companies’ income tax on oil (CIT) and value-added tax (VAT) increased significantly, while import and excise duties and electronic money transfer levies (EMTL) increased marginally. Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies recorded considerable decreases. Meanwhile, the balance in the nation’s excess crude account stood at $473,754.57.
