More than N1.3 trillion has been allocated from June 2024 Federation Accounts Revenue to the Federal Government, State Governments, and Local Government Councils.
This Allocation was announced following the monthly meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
In a communiqué by FAAC Spokesperson, Mr Bawa Mokwa, the revenue was shared from distributable Statutory Revenue, distributable Value Added Tax (VAT) Revenue, Electronic Money Transfer Levy (EMTL) Revenue, Exchange Difference Revenue, and an Augmentation of N200 billion.
Mr Mokwa further disclosed that in specific allocations, the breakdown saw the Federal Government receiving over N459billion, State Governments receiving over N461billion, and Local Government Councils receiving over N337billion.
The FAAC Communiqué also noted notable increases in Companies’ Income Tax Oil (CIT) and Value-Added Tax (VAT), with slight increases in import and excise duties and Electronic Money Transfer Levy (EMTL). Conversely, Royalty Crude, Petroleum Profit Tax (PPT), Rentals, and CET Levies recorded considerable decreases.
Meanwhile, the Nation’s excess crude account maintains a balance of $473,754.57 amidst these fiscal distributions. This is the first revenue shared among the three tiers of government after the Supreme Court granted financial autonomy to local governments.
