₦1.354 trillion from the Federation account of the month of June 2024 has been allocated between the three tiers of Government.
The fund was shared between the federal government, 36 states and 774 local government.
The revenue was shared at the July 2024 meeting of the Federation Accounts Allocation Committee (FAAC) which was chaired by the Minister of Finance, Wale Edun.
The communique was issued and sighed by a representative of the Accountant General of the Federation, Bawa Mokwa.
The revenue comprised distributable statutory revenue of ₦142.514 billion, distributable Value Added Tax (VAT) revenue of ₦523.973 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦15.692 billion, Exchange Difference revenue of ₦472.192 billion and Augmentation of ₦200 billion.
The revenue was allocated in 52.68%, 26.72% and 20.60% to the Federal, State and Local Governments, respectively.
The 26.72% and 20.60% accruing to the States and Local Governments is further shared by applying factors such as equality, population, land mass, IGR, and social development.
“A total sum of ₦95.598 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue. On the ₦142.514 billion distributable statutory revenue, the communiqué stated that the Federal Government received ₦48.952 billion, the State Governments received ₦24.829 billion and the Local Government Councils received ₦19.142 billion.”
“A total sum of ₦2.354 billion was received by the Federal Government from the ₦15.692 billion Electronic Money Transfer Levy (EMTL). The State Governments received ₦7.846 billion and the Local Government Councils received ₦5.492 billion.”
“From the ₦472.192 billion Exchange Difference revenue, the Federal Government received ₦224.514 billion, the State Governments received ₦113.877 billion and the Local Government Councils received ₦87.794 billion. A total sum of ₦46.007 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.”
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