FG, states, LGs share N1.354trn; Excess Crude Account depletes to mere $473,754 

Federation Account Allocation Committee shared a total of N1.354 trillion to the three tiers of government, Federal Government, states, and local governments from the June 2024 revenue accruals to the federation accounts. This was shared at the July 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. A Statement issued by FAAC said that the N1,354.371 trillion total distributable revenue comprised distributable statutory revenue of N142.514 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 N200 billion.

Total revenue of N2,483.890 billion was available in June 2024. The total deduction for the cost of collection was N92.112 billion while total transfers, interventions, and refunds were N1,037.407 billion. Gross statutory revenue of N1,432.667 billion was received for June 2024. This was higher than the sum of N1,223.894 billion received in May 2024 by N208.773 billion. According to the communiqué, from the N1.354 trillion total revenue, the federal government received N459.776 billion, the state governments received N461.979 billion, and the LGAs received N337.019 billion.