FG, states, LGs shared N2.68tn in July
The Federation Account Allocation Committee disbursed a total of N2.68tn to the three tiers of government in July from the revenue generated in June.
In a report filed by the Nigeria Bureau of Statistics on Tuesday, the disbursement consisted of N1.43tn from the Statutory Account, N472.19bn from exchange gain for May, N16.35bn from the Electronic Money Transfer Levy, N200bn from the Non-Oil Excess Account, and N562.69bn from Value Added Tax.
“The Federation Account Allocation Committee disbursed the sum of N2.68tn to the three tiers of government in July 2024 from the total revenue generated in June 2024. The amount disbursed comprised N1,432.67bn from the Statutory Account, N472.19bn from Exchange Gain for May, N16.35bn from Electronic Money Transfer Levy N200.00bn from Non-Oil Excess Account and N562.69bn from Valued Added Tax.”
In contrast, FAAC had previously reported the sharing of N1.36tn among the three tiers of government for July.
At its August 2024 meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, it was revealed that this amount was drawn from a gross total of N2.61tn. A statement from the finance ministry, signed by the Director of Information and Public Relations, Mohammed Manga, detailed that the Federal Government received N431.1bn, while states received N473.5bn and local government councils got N343.7bn.
From the recent N2.68tn disbursed, the Federal Government received N459.78bn, while states and local governments got N461.98bn and N337.02bn, respectively.
Additionally, N95.60bn under the 13 per cent derivation fund went to oil-producing states.
The FAAC disburses allocations from the revenues generated into the Federations Accounts, which comprise multiple accounts specific to an RGA or a sector/ business type.
“The Federal Government received a total of N459.78bn from the N2.68trn, States and Local Governments received N461.98bn and N337.02bn respectively.
The sum of N95.60bn was shared among the oil-producing states,” the report added.
Revenue-generating agencies were also compensated, with the Nigeria Customs Service receiving N20.87bn, the Federal Inland Revenue Service receiving N55.13bn and N16.10bn going to the Nigerian Upstream Development Petroleum Regulatory Commission as the cost of revenue collection.
A detailed breakdown of the Federal Government’s share shows that N319.49bn was disbursed to the consolidated revenue account, N7.19bn was received for derivation and ecology, N3.60bn for the stabilization fund, N12.08bn for the development of natural resources, and N12.34bn was allocated to the Federal Capital Territory, Abuja.
Last week, The PUNCH reported that the Federal Accounts Allocation Committee had said it disbursed N1.2tn earned as revenue in August 2024 to the Federal Government, States, and Local Government Councils.
The revenue distribution was announced at the September 2024 FAAC meeting in Abuja, a statement by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, said.
