The Federation Accounts Allocation Committee (FAAC) distributed N1.358 trillion to the Federal Government, states, and local governments for July 2024. This allocation, drawn from the Federation Accounts Revenue, aims to ensure equitable resource distribution across Nigeria.
According to the FAAC communiqué, the Federal Government received N431.079 billion, state governments were allocated N473.477 billion, and local governments got N343.703 billion. Oil-producing states received an additional N109.816 billion as derivation revenue (13% of mineral revenue).
The breakdown of the total distributable revenue includes N161.593 billion from statutory revenue, N582.307 billion from Value Added Tax (VAT), N18.818 billion from the Electronic Money Transfer Levy (EMTL), N581.710 billion from Exchange Difference, and N13.647 billion from Solid Mineral revenue.
Despite a slight decline in gross statutory revenue compared to the previous month, significant increases were recorded in Oil and Gas Royalty, Petroleum Profit Tax, VAT, and other key revenue streams. The balance in the Excess Crude Account (ECA) remained unchanged at $473,754.57.
Minister of Finance, Wale Edun, praised the committee’s support for the government’s economic reforms and urged continued collaboration.
