Federation Accounts Revenue of N1,354,371,000,000 collected in June 2024 have been distributed to the Federal Government, States and Local Government Councils in the country.
Bawa Mokwa, Director Press and Public Relations Office of the Accountant General of the Federation in a release stated that the revenue was shared at the July 2024 meeting of the Federation Accounts Allocation Committee (FAAC) which held in Abuja and was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
He disclosed that a communiqué issued by the Federation Accounts Allocation Committee (FAAC) stated that the N1.354 trillion total distributable revenue comprised distributable statutory revenue of N 142.514 billion, distributable 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 Augmentation of N2000 billion.
Total revenue of N2,483,890,000,000 trillion was available in the month of June 2024 and deduction for cost of collection was N92.112 billion while total transfers, interventions and refunds was N1,037,407,000,000.
The statement further added that gross statutory revenue of N1,432,667,000,000 was received for the month of June 2024, a N208.773 billion increase over the N1,223,894,000,000 received in the month of May 2024.
A further breakdown shows that gross revenue of N562.685 billion was available from the Value Added Tax (VAT) in June 2024, higher than the N497.665 billion available in the month of May 2024 by N65.02 billion.
The communiqué stated that from the more than one trillion Naira total distributable revenue, the Federal Government received total sum of N459.776 billion, the State Governments N461.979 billion and the Local Government Councils N337.019 billion.
N95.598 billion (13% of mineral revenue) was shared to 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 again to 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 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 to the benefiting States as derivation revenue.
On the N200 billion augmentation, Mr Bawa disclosed that the Federal Government received N105.360 billion, State Governments N53.440 billion and Local Government Councils received N41.2 billion.
Companies Income Tax (CIT) and Value Added Tax (VAT) increased significantly while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased marginally in June 2024 while Royalty on Crude, Petroleum Profit Tax (PPT), Rentals and CET Levies recorded considerable decreases.
The statement concludes that balance in the Excess Crude Account (ECA) remains $473,754.57.
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