The Federation Accounts Allocation Committee (FAAC) has shared N1.354 trillion of June revenue among the federal government, states and local government areas (LGAs).
The proceeds were shared at the July meeting of FAAC held in Abuja and chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
A statement issued by FAAC stated that the total revenue of N1.354 trillion includes statutory revenue of N142.514 billion and Value Added Tax (VAT) revenue of N523.973 billion.
Federation Accounts Allocation Committee (FAAC)
It also comprised Electronic Money Transfer Tax (EMTL) revenue of N15.692 billion, Foreign Exchange Difference revenue of N472.192 billion and Increase of N200 billion. The statement said N2.483 trillion was available by June 2024.
”The total deduction for collection cost was N92.112 billion, while total transfers, interventions and refunds were N1.037 trillion.
“In the month of June, gross statutory revenue of N1.432 trillion was received, which was N208.773 billion higher than the sum of N1.223 trillion received in the month of May.
“In June, gross revenue of N562.685 billion was earned from VAT, which was N65.02 billion more than the N497.665 billion available in the month of May,” he said.
Article page with promotion of financial support
According to the statement, out of the total revenue of N1.354 trillion, the federal government received N459.776 billion, state governments received N461.979 billion and local governments received N337.019 billion.
READ ALSO: Nigeria targets 77% increase in IGR Edun
He said N95.598 billion (13 per cent of mineral revenue) went to the beneficiary states as derivation revenue. He added that the balance in the Excess Crude Account was $473, 754.
(YAYA)