The Federation Account Allocation Committee (FAAC) announced that it distributed a total of N1.36 trillion to the three tiers of government as Federation Allocation for July 2024.
During its August 2024 meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, it was revealed that this amount was part of a gross total of N2.61 trillion.
A statement signed on Friday by Mohammed Manga, Director of Information and Public Relations at the Finance Ministry, detailed that the Federal Government received N431.1 billion, the states received N473.5 billion, and the Local Government Councils were allocated N343.7 billion.
The statement noted that Oil and Gas Royalty, Petroleum Profit Tax, Value Added Tax (VAT), Import Duty, Electronic Money Transfer Levy, and External Tariff levies saw significant increases, while Companies Income Tax decreased slightly. Excise Duties showed only a marginal increase.
The communique stated: “Out of the N2.61 trillion, which includes Gross Statutory Revenue, VAT, Electronic Money Transfer Levy, Exchange Difference, and N13.647 billion from Solid Mineral Revenue,
the Federal Government received N431.079 billion, the States received N473.477 billion, Local Government Councils got N343.703 billion, and Oil Producing States received N109.816 billion as Derivation, representing 13% of Mineral Revenue.
An amount of N99.756 billion was earmarked for collection costs, while N109.816 billion was allocated for Transfers, Interventions, and Refunds.”
The communique further highlighted that the Gross Revenue from VAT in July 2024 was N625.33 billion, up by N62.64 billion from the previous month’s N562.69 billion.
“From this, N25.01 billion was set aside for collection costs, and N18.01 billion was allocated for Transfers, Interventions, and Refunds.
The remaining N582.31 billion was distributed among the three tiers of government, with the Federal Government receiving N87.37 billion, the States receiving N291.15 billion, and Local Government Councils receiving N203.81 billion.”
Manga added that the Gross Statutory Revenue for the month was N1.37 trillion, which was lower than the N1.43 trillion received in the previous month by N45.52 billion.
“From this amount, N73.959 billion was allocated for collection costs, and N1.14 trillion was designated for Transfers, Interventions, and Refunds. The remaining N161.593 billion was distributed as follows:
The Federal Government received N58.55 billion, States received N29.69 billion, Local Government Councils received N22.89 billion, and N50.46 billion was allocated for Derivation Revenue (13% of Mineral-Producing States).
“Additionally, N19.6 billion from the Electronic Money Transfer Levy was shared among the three tiers of government as follows:
The Federal Government received N2.82 billion, States received N9.41 billion, Local Government Councils received N6.59 billion, and N0.784 billion was allocated for collection costs.”
The communique also disclosed that N581.71 billion from Exchange Difference was distributed as follows:
The Federal Government received N276.11 billion, States received N140.02 billion, Local Government Councils received N107.97 billion, and N57.58 billion was allocated for Derivation (13% of Mineral Revenue).
Furthermore, N13.647 billion from Solid Mineral Revenue was shared, with the Federal Government receiving N6.255 billion, States receiving N3.17 billion, Local Government Councils receiving N2.446 billion, and N1.77 billion allocated for Derivation (13% of Mineral Revenue).
According to the communique, the total distributable revenue for July 2024 was composed of N161.59 billion from Statutory Revenue, N528.31 billion from VAT, N18.82 billion from Electronic Money Transfer Levy, N581.71 billion from Exchange Difference, and N13.65 billion from Solid Mineral Revenue, bringing the total distributable amount to N1.358.1 trillion.
“The balance in the Excess Crude Account as of August 2024 stands at $473,754.57.”
While addressing the FAAC members, the Minister praised their continued support, particularly during recent protests, and encouraged them to sustain their efforts to help the Federal Government transform Nigeria’s economy.
He also commended President Tinubu for signing the National Minimum Wage Act into law, highlighting its potential benefits for all Nigerians.
 announced that it distributed a total of N1.36 trillion to the three tiers of government as Federation Allocation for July 2024.){kind=link}