The Federal Accounts Allocation Committee (FAAC) on Friday shared the sum of N1,358.075 trillion as July 2024 allocation to the Federal, States and Local Government Councils.
In a statement signed by Director (Press and Public Relations) in the Office of the Accountant General of the Federation, Bawa Mokwa, in Abuja, the amount distributed comprised distributable statutory revenue of N161.593 billion, distributable Value Added Tax (VAT) revenue of N582.307 billion and Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion.
Others are Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.
According to the Committee, the total revenue of N2,613.791 billion was available in the month under review with total deduction for cost of collection N99.756 billion while total transfers, interventions and refunds was N1,155.960 billion.
Accordingly, gross statutory revenue of N1,387.150 billion was received for the month of July 2024, this was lower than the sum of N1,432.667 billion received in the month of June 2024 by N45.517 billion.
Gross revenue of N625.329 billion was available from the Value Added Tax (VAT) in July 2024, higher than the N562.685 billion available in the month of June 2024 by N62.644 billion.
The Committee noted that from the N1,358.075 trillion total distributable revenue, the Federal Government received a total sum of N431.079 billion and the State Governments received a total sum of N473.477 billion and the Local Government Councils received a total sum of N343.703 billion. The sum of N109.816 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
Of the distributable statutory revenue, the Federal Government received N58.545 billion, the State Governments received N29.695 billion while the Local Government Councils received N22.894 billion and the sum of N50.459 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N582.307 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N87.346 billion, the State Governments received N291.154 billion and the Local Government Councils received N203.807 billion
A total sum of N2.823 billion was received by the Federal Government from the N18.818 billion Electronic Money Transfer Levy (EMTL). The State Governments received N9.409 billion and the Local Government Councils received N6.586 billion.
On the Exchange Differentials of N581.710 billion, the Federal Government received N276.110 billion and the State Governments received N140.047 billion, and the Local Government Councils received N107.970 billion, while the sum of N57.583 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
Also, from the N13.647 billion Solid Mineral revenue, the Federal Government received N6.255 billion and the State Governments received N3.172 billion, and the Local Government Councils received N2.446 billion while the sum of N1.774 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The meeting also stated that in the month under review, Oil and Gas Royalty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import Duty, Electronic Money Transfer Levy (EMTL) and CET Levies increased significantly. While Companies Income Tax (CIT) recorded a decrease just as Excise Duties increased marginally.
The balance in the ECA was $473,754.57