In a significant financial update, the Federation Accounts Allocation Committee (FAAC) has announced the distribution of N1.358 trillion from the July 2024 Federation Accounts Revenue to the Federal Government, State Governments, and Local Government Councils.
The announcement follows FAAC meeting held in Abuja.
The total distributable revenue includes N161.593 billion from statutory revenue, N582.307 billion from Value Added Tax (VAT), and N18.818 billion from the Electronic Money Transfer Levy (EMTL).
Additionally, the revenue distribution features N581.710 billion from Exchange Difference revenue and N13.647 billion from Solid Mineral revenue.
From this total, the Federal Government received N431.079 billion, while State Governments and Local Government Councils received N473.477 billion and N343.703 billion.
An additional N109.816 billion was allocated to benefiting States as derivation revenue from mineral resources.
The communiqué highlighted a mixed performance in revenue sources, with increases noted in Oil and Gas Royalty, Petroleum Profit Tax, VAT, and Import Duty, while Companies Income Tax experienced a decrease.
The current balance in the Excess Crude Account (ECA) stands at $473,754.57.
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