FAAC Allocates N1.358 Trillion In July Revenue To Federal, State, Local Govt

Abuja, Nigeria- The Federation Accounts Allocation Committee (FAAC) meeting held on Friday reported that it had disbursed a substantial N1.358 trillion in revenue for the month of July.

The allocation from the July 2024 Federation Accounts Revenue is designed to ensure a fair distribution of resources nationwide.

The Federal Government received a total of N431.079 billion, state governments were allocated N473.477 billion, local governments received N343.703 billion, and oil-producing states were granted N109.816 billion.

The N1.358 trillion total distributable revenue comprises N161.593 billion in distributable statutory revenue, N582.307 billion in Value Added Tax (VAT) revenue, N18.818 billion in Electronic Money Transfer Levy (EMTL) revenue, N581.710 billion in Exchange Difference revenue, and N13.647 billion in Solid Mineral revenue.

According to the FAAC communiqué, the total revenue for July 2024 was N2.613 trillion. After deducting collection costs of N99.756 billion, the remaining transfers, interventions, and refunds totaled N1.155 trillion.

Gross statutory revenue for July 2024 was N1.387 trillion, down by N45.517 billion from June 2024. VAT revenue saw an increase, with N625.329 billion collected, up by N62.644 billion from the previous month.

From the distributable revenue of N1.358 trillion, the breakdown is as follows: the Federal Government received N431.079 billion, state governments received N473.477 billion, local governments got N343.703 billion, and oil-producing states received N109.816 billion in derivation revenue (13% of mineral revenue).

Specifically, the distributable statutory revenue of N161.593 billion was allocated as follows: the Federal Government received N58.545 billion, state governments received N29.695 billion, local governments got N22.894 billion, and benefiting states received N50.459 billion in derivation revenue.

The N582.307 billion in VAT revenue was distributed with the Federal Government receiving N87.346 billion, state governments getting N291.154 billion, and local governments receiving N203.807 billion.

For the N18.818 billion in EMTL revenue, the Federal Government received N2.823 billion, state governments received N9.409 billion, and local governments got N6.586 billion.

The N581.710 billion from Exchange Difference revenue was allocated as follows: the Federal Government received N276.110 billion, state governments received N140.047 billion, local governments received N107.970 billion, and benefiting states got N57.583 billion in derivation revenue.

The N13.647 billion in Solid Mineral revenue was distributed with the Federal Government receiving N6.255 billion, state governments receiving N3.172 billion, local governments getting N2.446 billion, and benefiting states receiving N1.774 billion in derivation revenue.

The report also highlighted significant changes in revenue streams: Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL, and CET Levies saw notable increases, while Companies Income Tax (CIT) decreased and Excise Duties saw a slight increase.

Despite these allocations, the balance in the Excess Crude Account (ECA) remains unchanged at $473,754.57.