TRIBUNE
A total sum of N1,358.075 trillion July 2024 Federation Accounts Revenue has been shared with the Federal Government, States and Local Government Councils in the country.
The revenue distribution was announced at the August 2024 meeting of the Federation Accounts Allocation Committee (FAAC), in Abuja.
In a statement on Friday, Bawa Mokwa, Director (Press and Public Relations) in the Office of the Account General of the Federation said the N1,358.075 trillion total distributable revenue 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.
The balance in the Excess Crude Account (ECA) was $473,754.57.
Also included in the total distributable revenue was Exchange Difference revenue of N581.710 billion and Solid Mineral revenue of N13.647 billion.
A communique issued by the Federation Accounts Allocation Committee (FAAC) indicated that a total revenue of N2,613.791 trillion was available in the month of July 2024.
Total deduction for the cost of collection was N99.756 billion while total transfers, interventions and refunds was N1,155.960 billion.
According to the communique, gross statutory revenue of N1,387.150 trillion was received for the month of July 2024.
This was lower than the sum of N1,432.667 trillion 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.
This was higher than the N562.685 billion available in the month of June 2024 by N62.644 billion.
The communiqué stated that from the N1,358.075 trillion total distributable revenue, the Federal Government received the total sum of N431.079 billion and the State Government received the total sum of N473.477 billion.
The Local Government Councils received the total sum of N343.703 billion and a total sum of N109.816 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
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