• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Federal, States, LGAs Share N1.354trn Revenue For July

by Mark Itsibor
12 months ago
in Business
nigeria, flag
Share on WhatsAppShare on FacebookShare on XTelegram

A total of N1.354 trillion in revenue from the June 2024 federation account has been allocated to the federal government, states, and local government areas across Nigeria.

Advertisement

The distribution occurred during the July 2024 Federation Accounts Allocation Committee (FAAC) meeting in Abuja, presided over by the minister of finance and coordinating minister of the economy, Wale Edun.
According to a communiqué from FAAC, the N1.354 trillion total distributable revenue includes N142.514 billion from statutory revenue, N523.973 billion from Value Added Tax (VAT), N15.692 billion from electronic money transfer levy, N472.192 billion from exchange differences, and an augmentation of N200 billion.

In June 2024, the total revenue available was N2,483.890 billion.

After deducting N92.112 billion for collection costs and N1.1 billion for transfers, interventions, and refunds, “the remaining gross statutory revenue for June 2024 was N1,432.667 billion. This figure shows an increase of N208.773 billion from the N1,223.894 billion received in May 2024,” a statement from the Office of the Accountant General of the Federation said.

The VAT gross revenue for June 2024 amounted to N562.685 billion, an increase of N65.020 billion from the N497.665 billion available in May 2024.

RELATED

Federal Gov’t, IFAD Train 600 Farmers In Budgeting, Farming Techniques In Benue

We’re Making Abia Farmers Globally Visible – Agric Firm

2 hours ago
Marginal Field Awardees: NUPRC Restates Commitment To Transparency Culture

Oil Prices Plunge 6% As Middle East Ceasefire Eases Supply Fears

5 hours ago

From the total distributable revenue, the federal government received N459.776 billion, the states got N461.979 billion, and the LGAs received N337.019 billion. Additionally, N95.598 billion, representing 13 percent of mineral revenue, was allocated to the states benefiting from derivation revenue.
Regarding the N142.514 billion in distributable statutory revenue, the FG received N48.952 billion, the States received N24.829 billion, and the LGAs received N19.142 billion. Another N49.591 billion, representing 13 percent of mineral revenue, was allocated to the benefiting states.

From the N523.973 billion in distributable VAT revenue, the federal government received N78.596 billion, the states received N261.987 billion, and the local government areas received N183.391 billion.
In terms of the N15.692 billion money transfer levy, FG received N2.354 billion, states: N7.846 billion, and the LGAs: N5.492 billion.

For the N472.192 billion from exchange differences, the federal government was allocated N224.514 billion, the states received N113.877 billion, and the LGAs received N87.794 billion. Additionally, N46.007 billion, representing 13 per cent of mineral revenue, was given to the benefiting states.
From the N200.000 billion augmentation, the federal government received N105.360 billion, the states received N53.440 billion, and the LGAs received N41.200 billion.

The communiqué further noted that in June 2024, there were significant increases in companies income and VAT, with marginal increases in Import and Excise Duties and EMTL. However, there were notable decreases in royalty crude, petroleum profit tax, rentals, and CET levies.

The balance in the Excess Crude Account (ECA) stood at $473,754.57.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: FAAC
SendShareTweetShare
Previous Post

700 Women, Youths Prepare For Energy Career Through USAID Aid

Next Post

Group Lauds Tinubu On Eyesan’s Appointment In NNPC

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

Federal Gov’t, IFAD Train 600 Farmers In Budgeting, Farming Techniques In Benue
Agriculture

We’re Making Abia Farmers Globally Visible – Agric Firm

2025/06/29
Marginal Field Awardees: NUPRC Restates Commitment To Transparency Culture
Business

Oil Prices Plunge 6% As Middle East Ceasefire Eases Supply Fears

2025/06/29
New Afreximbank President To Restructure African Trade
Business

New Afreximbank President To Restructure African Trade

2025/06/29
Oyetola
Business

Federal Gov’t Launches Life-jacket Safety Initiative

2025/06/29
Tech Scholar To Drive Academic Vision As OAU’s New DVC
Business

Tech Scholar To Drive Academic Vision As OAU’s New DVC

2025/06/29
MONEY MARKET: Assessing Customers’ Losses To Fraudsters Through Digital Banking
Business

Cybercrime: Half Of Victims Paid Ransom In 2025

2025/06/29
Leadership Conference advertisement

LATEST

Why Journalists Must Create Space For Real Conversations Across Divides

Shettima And The 2nd Term Brouhaha

Jigawa Earmarks N80m For Family Planning Services

APC Stakeholders Seek Power Shift To Kajuru

Hijrah Organisation Decries Prevalence Of Drug Abuse In Kwara

Commander Warns Officers, Soldiers Against Cannabis Use

Kwara North APC Guber Aspirants Chart Common Front For 2027

Friends, Associates Celebrate Gbenga Hashim @ 56

Gov Mutfwang Hails Anaba On NGE Election

Etsu Nupe Urges Agricultural Revolution, Youth Involvement

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.