FG, States, LGs Share N1.358 Trillion FAAC Allocation for July
The Federal Government, states, and local government councils have shared a total of N1.358 trillion from the Federation Account Allocation Committee (FAAC) for July 2024.
The Federal Government received N431.079 billion, while states got N473.477 billion and local government councils received N343.703 billion. Oil-producing states received N109.816 billion as derivation.
The gross statutory revenue of N1.373 trillion was lower than the previous month’s N1.432 trillion by N45.517 billion. Value Added Tax (VAT) revenue increased by N62.644 billion to N625.329 billion.
The sharing was announced after the FAAC meeting chaired by Finance Minister Wale Edun. He commended members for their support and urged continued cooperation to transform Nigeria’s economy.
The balance in the Excess Crude Account (ECA) stands at $473.754 million as of August 2024.
Breakdown of Allocation:
– Federal Government: N431.079 billion – States: N473.477 billion – Local Government Councils: N343.703 billion – Oil-producing states (derivation): N109.816 billion – Cost of collection: N99.756 billion – Transfers, Intervention, and Refunds: N109.816 billion
Revenue Sources:
– Statutory Revenue: N161.593 billion – Value Added Tax (VAT): N582.307 billion – Electronic Money Transfer Levy (EMTL): N19.602 billion – Exchange Difference: N581.710 billion – Solid Mineral Revenue: N13.647 billion