A total of ₦1.3 trillion has been allocated to the federal, state, and local governments for July 2024, according to the Federation Accounts Allocation Committee (FAAC). The revenue distribution was announced during the FAAC meeting held in Abuja in August 2024.
The communiqué from FAAC revealed that out of the ₦1.358 trillion total distributable revenue, the Federal Government received ₦431.079 billion, while State Governments received ₦473.477 billion. This total includes ₦161 billion from Value Added Tax (VAT), ₦582.307 billion in VAT revenue, and ₦18.818 billion from the Electronic Money Transfer Levy (EMTL). Additionally, ₦581 billion came from Exchange Difference revenue, and ₦13.6 billion was generated from solid mineral revenue.
The communiqué, signed by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, also noted that a total revenue of ₦2.6 billion was available for distribution in July 2024. Deductions for the cost of collection amounted to ₦99.756 billion, while total transfers, interventions, and refunds were ₦1,155.960 billion.
The balance in the Excess Crude Account stands at $473,754.57
