The Federation Accounts Allocation Committee (FAAC) has distributed ₦1.203 trillion in June 2024 revenue to the Federal Government, states, and local governments. The announcement was made at the September 2024 FAAC meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja.
According to a statement from FAAC spokesperson Bawa Mokwa, the revenue included ₦186.636 billion in statutory revenue, ₦533.895 billion in Value Added Tax (VAT) revenue, ₦15.017 billion from the Electronic Money Transfer Levy (EMTL), and ₦468.245 billion in exchange difference revenue.
The total gross revenue available in August 2024 was ₦2.278 trillion, while the balance in the Excess Crude Account (ECA) stood at $473,754.57.
Of the distributable revenue, the Federal Government received ₦374.925 billion, state governments received ₦422.861 billion, and local government councils were allocated ₦306.533 billion. An additional ₦99.474 billion (13% of mineral revenue) was shared with states benefiting from derivation revenue.
The Federal Government also received ₦71.624 billion in statutory revenue, ₦80.084 billion from VAT, and ₦2.252 billion from EMTL. State governments and local councils received corresponding shares, with additional funds allocated based on exchange differences and mineral revenue derivation.
FAAC noted decreases in Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import and Excise Duties, EMTL, CET Levies, and Companies Income Tax (CIT).
