THE Federation Accounts Allocation Committee (FAAC) shared N1.35 trillion among the three tiers of government in June 2024 out of a gross revenue of N2.48 trillion.

The director of press and public relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, disclosed this in a statement on Tuesday, July 16.

He stated that the revenue was shared at the July 2024 meeting of the FAAC held in Abuja and chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

He said a communiqué issued by FAAC contained that the N1.35 trillion allocation comprises N142.51 billion from statutory revenue, N523.97 billion from value-added tax (VAT), N15.69 billion from electronic money transfer levy, N472.19 billion from exchange differences, and an augmentation of N200 billion.

The sum of N92.11 billion was deducted for the cost of collection while N1.03 trillion for transfers, interventions, and refunds.

A gross statutory revenue of N1.43 trillion was received in June, higher than the N1.22 trillion received in May 2024.

Also, a gross revenue of N562.69 billion was available from VAT in June, higher than N497.67 billion in May.

From the N1.35 trillion distributable revenue, the federal government got N459.78 billion, state governments, N461.98 billion, and local government councils, N337.02 billion.

States benefiting from derivation received N95.59 billion, representing 13 per cent of mineral revenue.

FAAC also shared N142.51 billion distributable statutory revenue. The federal government received N48.95 billion, states, N24.83 billion, and LGAs N19.142 billion while N49.59 billion, representing 13 per cent of mineral revenue, was shared to states benefiting from derivation revenue.

From the N523.97 billion distributable VAT revenue, the federal government received N78.59 billion, states N261.99 billion, and LGAs areas N183.39 billion.

The N15.69 billion obtained from the money transfer levy was shared to the federal government N2.35 billion, states N7.85 billion, and LGAs N5.49 billion.

Also, from the N472.19 billion exchange differences, the federal government got N224.51 billion, states N113.88 billion, and LGAs N87.79billion with N46.01 billion representing 13 per cent of mineral revenue going to the mineral derivation benefiting states.

The N200.000 billion augmentation was shared with the federal government N105.36 billion, states N53.44 billion, and LGAs N41.20 billion.

In June 2024, there were significant increases in companies’ income and VAT, with marginal increases in Import and excise duties and EMTL, FAAC disclosed.

Revenues from royalty crude, petroleum profit tax, rentals, and CET levies declined as FAAC added that $473,754.57 is the balance in the Excess Crude Account (ECA).

The June FAAC allocation comes amid the Supreme Court ruling granting local governments autonomy as states had hitherto been interfering with their funds.

In a judgment passed on Thursday, July 11,  the apex Court held that funds meant for the LGAs be paid directly into their accounts, ruling that it was unconstitutional for the state governments to manage allocations belonging to the LGAs.