The Federation Account Allocation Committee (FAAC), chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disbursed a total of N1.354 trillion to the Federal Government, states, and local government councils as Federation Allocation for the month of June 2024.
This allocation was made from a gross total of N2.483 trillion.
According to the communique issued after the FAAC meeting, the breakdown of the allocation includes N459.776 billion to the Federal Government, N461.979 billion to the states, N337.019 billion to the local government councils, and N95.598 billion to the oil-producing states as derivation (13% of mineral revenue).
Additionally, N92.112 billion was allocated for the cost of collection, while N1.037 trillion was earmarked for transfers, interventions, and refunds across various sectors.
The FAAC communique highlighted that Value Added Tax (VAT) for June 2024 increased to N562.685 billion from N497.665 billion in the previous month, with distributions including N78.596 billion to the Federal Government, N261.987 billion to the states, and N183.391 billion to the local government councils.
Furthermore, the meeting disclosed various revenue sources contributing to the total allocation, including Electronic Money Transfer Levy (EMTL), Exchange Difference, and an augmentation of N200 billion. The Excess Crude Account (ECA) balance as of July 2024 stood at $473,754.57.
