The Federation Accounts Allocation Committee (FAAC) has distributed N1.358 trillion among Nigeria’s three tiers of government for July 2024, according to a communique released after the committee’s August meeting in Abuja on Friday.
The shared funds comprise various revenue sources, including statutory revenue of N161.593 billion, Value Added Tax (VAT) revenue of N582.307 billion, and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion. Additionally, the distribution included Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.
The communique revealed that the total available revenue for July was N2.613 trillion. After deductions for collection costs (N99.756 billion) and transfers, interventions, and refunds (N1.155 trillion), the remaining N1.358 trillion was distributed among the federal, state, and local governments.
From this distribution, the Federal Government received N431.079 billion, state governments received N473.477 billion, and local government councils (LGCs) received N343.703 billion. An additional N109.816 billion, representing 13% of mineral revenue, was shared among oil-producing states as derivation revenue.
The breakdown of the statutory revenue allocation shows the Federal Government receiving N58.545 billion, state governments N29.695 billion, and LGCs N22.894 billion. The oil-producing states received N50.459 billion as derivation revenue from this source.
The communique noted significant increases in Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL, and CET Levies for July. However, Companies Income Tax (CIT) recorded a decrease, while Excise Duties saw only a marginal increase.
Comparing July’s figures to June’s, the gross statutory revenue of N1.387 trillion was N45.517 billion lower than the previous month’s N1.432 trillion. Conversely, VAT revenue increased by N62.644 billion, rising from N562.685 billion in June to N625.329 billion in July.
The communique also reported that the balance in the Excess Crude Account stands at $473,754.
