The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1,358.075 trillion as revenue for July 2024 to the Federal Government, States, and Local Government Councils across the country.
The revenue sharing was announced during FAAC’s August 2024 meeting held in Abuja.
The total distributable revenue of N1,358.075 trillion comprises N161.593 billion from statutory revenue, N582.307 billion from Value Added Tax (VAT), and N18.818 billion from the electronic money transfer levy.
Additionally, the revenue includes N581.710 billion from Exchange Difference and N13.647 billion from Solid Minerals.
According to the communiqué issued by FAAC, a total revenue of N2,613.791 billion was available for July 2024.
N99.756 billion was deducted for the cost of collection, while N1,155.960 billion was allocated for transfers, interventions, and refunds.
The gross statutory revenue for July 2024 amounted to N1.387 trillion, which is a decrease of N45.517 billion from the N1.433 trillion received in June 2024.
However, the gross revenue from VAT was N625.329 billion in July 2024, showing an increase of N62.644 billion from the N562.685 billion recorded in June 2024.
From the total statutory revenue, the federal government received N431.079 billion, the states received N473.477 billion, and the local government areas got N343.703 billion.
Additionally, N109.816 billion, representing 13 percent of mineral revenue, was allocated to the States as derivation revenue.
The communiqué further detailed the distribution of the N161.593 billion statutory revenue.
The federal government was given N58.545 billion; states, N29.695 billion; LGAs, N22.894 billion, while N50.459 billion was disbursed to the benefiting states as 13 percent derivation revenue.
From the N582.307 billion VAT revenue, the federal government received N87.346 billion, the state governments received N291.154 billion, and the LGAs received N203.807 billion.
In addition, the N18.818 billion from the money transfer levy was distributed as follows: the federal government received N2.823 billion, the State Governments received N9.409 billion, and the Local Government Councils received N6.586 billion.
Regarding the N581.710 billion from exchange difference, the federal government received N276.110 billion, the state governments received N140.047 billion, and the LGAs received N107.970 billion.
Furthermore, N57.583 billion, representing 13% of mineral revenue, was shared among the benefiting States as derivation revenue.
From the N13.647 billion solid mineral revenue, the federal government received N6.255 billion, the states received N3.172 billion, and the local government areas received N2.446 billion. N1.774 billion, representing 13 percent of mineral revenue, was allocated to the benefiting States as derivation revenue.
The balance in the Excess Crude Account (ECA) as of July 2024 stood at $473,754.57.
