FAAC Distributes N1.354 Trillion to Nigerian Government Tiers

 The Federation Account Allocation Committee (FAAC) announced the disbursement of N1.354 trillion to Nigeria's federal, state, and local governments. This distribution comes from the revenue generated in June 2024.

Revenue Breakdown

The funds were sourced from various streams:

• Statutory Revenue: N142.5 billion
• Value Added Tax (VAT): N523.973 billion
• Electronic Money Transfer Levy (EMTL): N15.692 billion
• Exchange Difference: N472.192 billion
• Augmentation: N200.000 billion

The total revenue available in June 2024 was N2.483 trillion. From this, N92.112 billion was deducted for the cost of collection, and N1.037 trillion was allocated for transfers, interventions, and refunds. Gross statutory revenue for June was N1.432 trillion, an increase of N208.773 billion compared to May 2024.

The communiqué provided a detailed breakdown of the N1.354 trillion distributed:

• Federal Government: N459.776 billion
• State Governments: N461.979 billion
• Local Government Councils: N337.019 billion
• Derivation Revenue (13% of mineral revenue): N95.598 billion

Statutory Revenue Distribution (N142.514 billion):

• Federal Government: N48.952 billion
• State Governments: N24.829 billion
• Local Government Councils: N19.142 billion
• Derivation Revenue: N49.591 billion

VAT Distribution (N523.973 billion):

• Federal Government: N78.596 billion
• State Governments: N261.987 billion
• Local Government Councils: N183.391 billion

EMTL Distribution (N15.692 billion):

• Federal Government: N2.354 billion
• State Governments: N7.846 billion
• Local Government Councils: N5.492 billion

Exchange Difference Distribution (N472.192 billion):

• Federal Government: N224.514 billion
• State Governments: N113.877 billion
• Local Government Councils: N87.794 billion
• Derivation Revenue: N46.007 billion

Augmentation (N200.000 billion):

• Federal Government: N105.360 billion
• State Governments: N53.440 billion
• Local Government Councils: N41.200 billion

Economic Performance

In June 2024, there were significant increases in Companies Income Tax (CIT) and VAT. Import and Excise Duties, along with EMTL, saw marginal increases, while Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies decreased.

The balance in the Excess Crude Account (ECA) was reported at $473,754.57.