The revenue sharing took place at the July 2024 meeting of the Federation Accounts Allocation Committee (FAAC), chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
According to a communiqué issued by FAAC and signed by a spokesperson for the Accountant General of the Federation, Bawa Mokwa, the N1,354.371 trillion total distributable revenue comprised distributable statutory revenue of N142.514 billion, distributable Value Added Tax (VAT) revenue of N523.973 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion and Augmentation of N200 billion.
The total revenue available in June 2024, was N2,483.890 billion was available in June 2024. The total deduction for the cost of collection was N92.112 billion while total transfers, interventions and refunds were N1,037.407 billion.
Gross statutory revenue of N1,432.667 billion was received for June 2024. This was higher than the sum of N1,223.894 billion received in May 2024 by N208.773 billion.
The communiqué stated that the gross revenue of N562.685 billion was available from the Value Added Tax (VAT) in June 2024. The figure was higher than the N497.665 billion available in May 2024 by N65.020 billion.
Also, the communiqué noted that from the N1,354.371 billion total distributable revenue, the Federal Government received a total sum of N459.776 billion, the State Governments received a total sum of N461.979 billion and the Local Government Councils received a total sum of N337.019 billion.
A total sum of N95.598 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
On the N142.514 billion distributable statutory revenue, the communiqué stated that the Federal Government received N48.952 billion, the State Governments received N24.829 billion and the Local Government Councils received N19.142 billion. The sum of N49.591 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
The Federal Government received N78.596 billion, the State Governments received N261.987 billion and the Local Government Councils received N183.391 billion from the N523.973 billion distributable Value Added Tax (VAT) revenue.
A total sum of N2.354 billion was received by the Federal Government from the N15.692 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.846 billion and the Local Government Councils received N5.492 billion.
From the N472.192 billion Exchange Difference revenue, the Federal Government received N224.514 billion, the State Governments received N113.877 billion and the Local Government Councils received N87.794 billion. A total sum of N46.007 billion (13% of mineral revenue) was shared with the benefiting States as derivation revenue.
On the N200 billion augmentation, the Federal Government received N105.360 billion, the State Governments received N53.440 billion and the Local Government Councils received N41.200 billion.
Furthermore, the communiqué stated that in June 2024, Companies’ Income Tax Oil (CIT) and Value Added Tax (VAT) increased significantly while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased marginally. Royalty Crude, Petroleum Profit Tax (PPT), Rentals and CET Levies recorded considerable decreases. Nigeria’s excess crude account stood at $473,754.57.