The Gross Statutory Revenue available for distribution among the three tiers of government for June 2024 received about N200 billion augmentation, the
Federation Account Allocation Committee (FAAC) disclosed on Tuesday.
The disclosure was made in a communique issued at the end of the Committee’s meeting in July 2024 chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Details contained in the communique showed that a total of N1.354trn was shared during the month to the three tiers of government, out of a gross revenue of N2.484 trn realised for the month.
The communique issued by the FAAC Secretariat in the Office of the Accountant General of the Federation revealed Gross Statutory Revenue included earnings by the government from Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and an Augmentation of N200 Billion.
The three tiers of government, namely Federal, 36 States and the 774 Local Councils received N459.8 bn, N461.98 bn, and N337.02 bn respectively, while the relevant oil producing States received additional N95.6 bn as 13% Mineral Derivation Revenue.
Also, about N92.112 bn was shared as cost of collection between the revenue agencies, including the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), while N1,037 trn was allocated for Transfers Intervention and Refunds.
The Gross Revenue realised from VAT collection for the month of June 2024 increased by N65.020bn. to N562.69bn from N497.67bn realised in the preceding month.
From that amount, about N22.507 bn was allocated to the revenue agencies as cost of collection, while about N16.205 bn was given for Transfers, Intervention and Refunds.
The remaining sum of N523.973bn was distributed to the three tiers of government, with the Federal Government receiving N78.596bn; States N261.99bn and Local Government Councils N183.391 bn.
From the Gross Statutory Revenue of N1.233trn received for the month, about N68.951bn was allocated for the cost of collection to the revenue agencies, while about N1.021rn was for Transfers, Intervention and Refunds.
The remaining balance of N142.514bn was distributed to the three tiers of government, namely Federal N48.952bn, States N24.829bn, N19.142bn to LGCs and N49.591bn as Derivation Revenue (13% Mineral producing States).
Also, about N16.346bn from Electronic Money Transfer Levy (EMTL) was distributed to the three tiers of government, namely Federal N2.354bn, States N7.846bn, Local Government Councils N5.492bn, while N0.654bn was allocated for Cost of Collection.
The Communique also disclosed that about N472.192bn from Exchange Difference be shared as follows: Federal N224.514bn, States N113.877bn, N87.794bn to Local Government Councils, and N46.007bn as Derivation (13% of Mineral Revenue).
The Augmentation revenue of N200bn was shared as follows: Federal N105.360bn, States N53.440bn, and N41.200bn was allocated to Local Government Councils.
The communique noted that Companies Income Tax (CIT) and Value Added Tax (VAT) increased significantly, while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased marginally, while Petroleum Profit Tax (PPT), Royalty Crude, Rentals and Customs External Tariff levies (CET) recorded considerably decreases.
Meanwhile, the total revenue distributable for June 2024, consisted of Statutory Revenue of N142.514bn, VAT N523.973bn, N15.692bn Electronic Money Transfer Levy (EMTL), N472.192 Billion from Exchange Difference and Augmentation of N200 Billion, bringing the total distributable amount for the month to N1.35trn.
The balance in the Excess Crude Account (ECA) as at July 2024 stood at about $473,754.57.