The Federation Account Allocation Committee has distributed N1.358 trillion to the three tiers of government from the July Federation Accounts revenue.
This was announced by the Director of Press and Public Relations of the Office of the Accountant-General of the Federation, Mr. Bawa Mokwa, in Abuja.
The total distributable revenue of N1.358 trillion comprised:
– Distributable statutory revenue: N161.593 billion
– Distributable Value Added Tax revenue: N582.307 billion
– Electronic Money Transfer Levy revenue: N18.818 billion
– Exchange Difference revenue: N581.710 billion
– Solid Mineral revenue: N13.647 billion
A communique from FAAC stated that total revenue for July 2024 was N2.6 trillion, with deductions for cost of collection totaling N99.756 billion and total transfers, interventions, and refunds amounting to N1.155 trillion.
The communique also noted: “Gross statutory revenue for July 2024 was N1.387 trillion, lower than June 2024 by N45.517 billion; Gross VAT revenue for July 2024 was N625.329 billion, higher than June 2024 by N62.644 billion.”
