The Federation Accounts Allocation Committee (FAAC), chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, convened in Abuja to distribute N1.354 trillion in revenue for July 2024. A communiqué issued by FAAC and signed by Bawa Mokwa, spokesperson for the Accountant General of the Federation, detailed the breakdown of the distributable revenue.
The total distributable revenue of N1.354 trillion comprised:
N142.514 billion from distributable statutory revenue
N523.973 billion from distributable Value Added Tax (VAT) revenue
N15.692 billion from the Electronic Money Transfer Levy (EMTL)
N472.192 billion from Exchange Difference revenue
N200 billion from Augmentation
In June 2024, total revenue amounted to N2.484 trillion, with N92.112 billion deducted for collection costs and N1.037 trillion allocated for transfers, interventions, and refunds. The gross statutory revenue for June 2024 was N1.433 trillion, up by N208.773 billion from May 2024’s N1.224 trillion. Gross VAT revenue for June 2024 was N562.685 billion, an increase of N65.020 billion from May 2024’s N497.665 billion.
From the N1.354 trillion total distributable revenue, the allocations were as follows:
Federal Government: N459.776 billion
State Governments: N461.979 billion
Local Government Councils: N337.019 billion
Derivation revenue (13% of mineral revenue): N95.598 billion
The N142.514 billion distributable statutory revenue was allocated as:
Federal Government: N48.952 billion
State Governments: N24.829 billion
Local Government Councils: N19.142 billion
Derivation revenue: N49.591 billion
From the N523.973 billion distributable VAT revenue, the allocations were:
Federal Government: N78.596 billion
State Governments: N261.987 billion
Local Government Councils: N183.391 billion
The N15.692 billion EMTL revenue was distributed as:
Federal Government: N2.354 billion
State Governments: N7.846 billion
Local Government Councils: N5.492 billion
The N472.192 billion Exchange Difference revenue was allocated as:
Federal Government: N224.514 billion
State Governments: N113.877 billion
Local Government Councils: N87.794 billion
Derivation revenue: N46.007 billion
The N200 billion augmentation was distributed as:
Federal Government: N105.360 billion
State Governments: N53.440 billion
Local Government Councils: N41.200 billion
The communiqué noted significant increases in Companies’ Income Tax Oil (CIT) and VAT for June 2024, with marginal increases in Import and Excise Duties and EMTL. Conversely, Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies saw notable decreases.
As of the end of June 2024, the balance in Nigeria’s excess crude account stood at $473,754.57.
