The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.358 trillion in revenue to the Federal Government, States, and Local Government Councils for July 2024. This was disclosed during the August 2024 FAAC meeting held in Abuja.
Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, announced the distribution in a statement on Friday. The N1.358 trillion distributable revenue comprises N161.593 billion in statutory revenue, N582.307 billion from Value Added Tax (VAT), and N18.818 billion from the Electronic Money Transfer Levy (EMTL). The balance in the Excess Crude Account (ECA) stood at $473,754.57.
Additionally, the total distributable revenue includes N581.710 billion from Exchange Difference revenue and N13.647 billion from Solid Mineral revenue.
According to a communiqué issued by FAAC, total revenue available for July 2024 amounted to N2.614 trillion. Of this, N99.756 billion was deducted for the cost of collection, while N1.156 trillion covered transfers, interventions, and refunds. Gross statutory revenue for July 2024 was recorded at N1.387 trillion, reflecting a decrease of N45.517 billion from the N1.433 trillion received in June 2024. Conversely, VAT revenue increased to N625.329 billion in July 2024, up by N62.644 billion from June’s N562.685 billion.
From the N1.358 trillion total distributable revenue, the Federal Government received N431.079 billion, the State Governments N473.477 billion, and the Local Government Councils N343.703 billion. Additionally, N109.816 billion (13% of mineral revenue) was allocated to oil-producing states as derivation revenue.
The communiqué detailed the distribution of the N161.593 billion statutory revenue, with the Federal Government receiving N58.545 billion, State Governments N29.695 billion, Local Government Councils N22.894 billion, and N50.459 billion shared to oil-producing states as derivation revenue.
Regarding the N582.307 billion VAT revenue, the Federal Government received N87.346 billion, State Governments N291.154 billion, and Local Government Councils N203.807 billion.
From the N18.818 billion EMTL revenue, the Federal Government received N2.823 billion, State Governments N9.409 billion, and Local Government Councils N6.586 billion.
The N581.710 billion from Exchange Difference revenue was distributed as follows: N276.110 billion to the Federal Government, N140.047 billion to State Governments, N107.970 billion to Local Government Councils, and N57.583 billion to oil-producing states as derivation revenue.
Lastly, the N13.647 billion Solid Mineral revenue was distributed with the Federal Government receiving N6.255 billion, State Governments N3.172 billion, Local Government Councils N2.446 billion, and N1.774 billion allocated to oil-producing states as derivation revenue.
The communiqué noted significant increases in Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL, and CET Levies for July 2024. However, Companies Income Tax (CIT) saw a decline, while Excise Duties recorded only a marginal increase.
