By Abiola Olawale
The Federation Account Allocation Committee(FAAC) has revealed that it shared a total sum of N1.36 trillion to the three tiers of government as Federation Allocation for July 2024.
This was disclosed in a statement issued by the Federal Ministry of Finance Director of Information and Public Relations, Mohammed Manga, on Friday.
According to the statement, the N1.36 trillion was shared during a meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.
The Federal Government was said to have received its share of N431.1bn, the states received N473.5bn, and the Local Government Councils got N343.7bn.
The statement explained that Oil and Gas Royalty, Petroleum Profit Tax, Value Added Tax, Import Duty, Electronic Money Transfer Levy and External tariff levies increased significantly while Companies Income Tax recorded a decrease. Excise Duties increased only marginally.
The statement reads in part: “From the stated amount (N2.61tn) inclusive of Gross Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, Exchange Difference, and N13.647 Billion from Solid Mineral Revenue, the Federal Government received N431.079 Billion, the States received N473.477 Billion, the Local Government Councils got N343.703 Billion, while the Oil Producing States received N109.816 Billion as Derivation, (13 per cent of Mineral Revenue).
“The sum of N99.756 Billion was given for the cost of collection, while N109.816 Billion was allocated for Transfers Intervention and Refunds.
“From that amount, the sum of N25.01bn was allocated for the cost of collection and the sum of N18.01bn was given for Transfers, Intervention and Refunds.
“The remaining sum of N582.31bn was distributed to the three tiers of government, of which the Federal Government got N87.37bn, the States received N291.15bn and Local Government Councils got N203.81bn.”
Manga also disclosed that the Gross Statutory Revenue of N1.37tn received for the month was lower than the sum of N1.43bn received in the previous month by N45.52bn.
The statement continued: “From the stated amount, the sum of N73.959bn was allocated for the cost of collection and a total sum of N1.14tn for Transfers, Intervention and Refunds.
“The remaining balance of N161.593 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N58.55bn, States received N29.69bn, the sum of N22.89bn was allocated to LGCs and N50.46bn was given to Derivation Revenue (13 per cent Mineral producing States).
“Also, the sum of N19.6bn from the Electronic Money Transfer Levy was distributed to the three tiers of government as follows: the Federal Government received N2.82bn, States got N9.41bn, Local Government Councils received N6.59bn, while N0.784bn was allocated for Cost of Collection.”
