This is the first revenue shared among the three tiers of government after the Supreme Court granted financial autonomy to local governments.
A total sum of N1.354 trillion June 2024 federation accounts revenue has been shared with the Federal Government, states, and local government councils in the country.
The revenue was shared at the July 2024 meeting of the Federation Accounts Allocation Committee (FAAC) held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
A communiqué issued by FAAC and signed by a spokesperson for the Accountant General of the Federation, Bawa Mokwa, explained that the N1,354.371 trillion total distributable revenue comprised distributable statutory revenue of N142.514 billion, distributable Value Added Tax (VAT) revenue of N523.973 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion and Augmentation of N200 billion.
Total revenue of N2,483.890 billion was available in June 2024. The total deduction for the cost of collection was N92.112 billion while total transfers, interventions, and refunds were N1,037.407 billion.
Gross statutory revenue of N1,432.667 billion was received for June 2024. This was higher than the sum of N1,223.894 billion received in May 2024 by N208.773 billion.
The gross revenue of N562.685 billion was available from the Value Added Tax (VAT) in June 2024. This was higher than the N497.665 billion available in May 2024 by N65.020 billion.
The communiqué states that from the N1,354.371 billion total distributable revenue, the Federal Government received a total sum of N459.776 billion, the State Governments received a total sum of N461.979 billion and the Local Government Councils received a total sum of N337.019 billion.
A total sum of N95.598 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
On the N142.514 billion distributable statutory revenue, the communiqué stated that the Federal Government received N48.952 billion, the State Governments received N24.829 billion and the Local Government Councils received N19.142 billion. The sum of N49.591 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
