FG, States, and LGs share N1.4trn in June.
The Federation Account Allocation Committee (FAAC) today distributed a total of N1.354 trillion to the three levels of government.
A communiqué issued after its meeting in Abuja stated that the monies come from Federation revenue generated in June. The distributable revenue included statutory income of N 142.5 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 N200.000 billion.
The total revenue available in June 2024 was N2.483 trillion. The overall deduction for collecting costs was N92.112 billion, while the total transfers, interventions, and refunds were N1,037.407 billion. The gross statutory revenue for June 2024 was N1.432 trillion.
This exceeded the total of N1.223 trillion received in May 2024 by N208.773 billion.
In June 2024, the Value Added Tax (VAT) generated a gross revenue of N562.685 billion. This exceeded the N497.665 billion available in May 2024 by N65.020 billion. According to the communiqué, the Federal Government received N459.776 billion, State Governments received N461.979 billion, and Local Government Councils received N337.019 billion of the total distributable revenue of N1,354.371 billion.
