The Federal, State, and Local Governments received an increased monthly disbursement of over N200 billion, rising from N1.143 trillion in June to N1.354 trillion in July 2024.
The Federation Account Allocation Committee (FAAC) revealed that in its July 2024 meeting chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, the Federal Government received N459.776 Billion, the States received N461.979 Billion, the Local Government Councils got N337.019 Billion, and the Oil Producing States received N95.598 Billion as Derivation (13% of Mineral Revenue).
Additionally, N92.112 billion was allocated for the cost of collection, while N1.037 trillion was assigned for transfer intervention and refunds. The total revenue distributable for June 2024 was sourced from Statutory Revenue of N142.514 billion, Value Added Tax (VAT) of N523.973 Billion, N15.692 Billion from Electronic Money Transfer Levy (EMTL), N472.192 Billion from Exchange Difference, and an Augmentation of N200 Billion. The FAAC communique reported a gross total of N2.483 trillion, with the VAT gross revenue for June 2024 at N562.685 billion, showing an increase from the previous month by N65.020 billion.
From this amount, N22.507 billion was designated for the cost of collection, N16.205 Billion for Transfers, Intervention, and Refunds, and the remaining N523.973 billion was distributed among the three tiers of government, with the Federal Government receiving N78.596 billion, the States N261.987 billion, and the Local Government Councils N183.391 billion.
The FAAC communique also detailed the allocation of N142.514 billion from Gross Statutory Revenue for June 2024, with N68.951 Billion for collection costs and N1.021 trillion for transfers, intervention, and refunds. The remaining balance was distributed among the tiers of government, with the Federal Government receiving N48.952 billion, States N24.829 billion, Local Government Councils N19.142 billion, and N49.591 billion for derivation revenue (13% Mineral producing States).
Additionally, N16.346 billion from Electronic Money Transfer Levy (EMTL) was shared among the three tiers of government, with the Federal Government receiving N2.354 billion, States N7.846 billion, and Local Government Councils N5.492 billion, while N0.654 billion was allocated for collection costs. The Communique further outlined that the Federal Government received N224.514 billion, States N113.877 billion, Local Government Councils N87.794 billion, and N46.007 billion was assigned for Derivation (13% of Mineral Revenue) from the N472.192 billion Exchange Difference.
An Augmentation of N200 billion was indicated, with the federal government receiving N105.360 billion, States N53.440 billion, and Local Government Councils N41.200 billion. As of July 2024, the Excess Crude Account (ECA) balance stood at $473,754.57.
