A total of N1.358 trillion Federation Accounts Revenue for July 2024 has been shared among the Federal Government, States, and Local Governments, as announced at the August FAAC meeting in Abuja.
Bawa Mokwa, Director of Press and Public Relations, confirmed that the distributable revenue includes N161.593 billion in statutory revenue, N582.307 billion from VAT, and N18.818 billion from the Electronic Money Transfer Levy (EMTL). The Excess Crude Account (ECA) balance stood at $473,754.57.
The total revenue available in July 2024 was N2.613 trillion, with N99.756 billion deducted for collection costs and N1.155 trillion for interventions and refunds. Gross statutory revenue amounted to N1.387 trillion, a decrease of N45.517 billion compared to June.
Of the N1.358 trillion distributable revenue, the Federal Government received N431.079 billion, States received N473.477 billion, and Local Governments received N343.703 billion. Additionally, N109.816 billion was allocated as derivation revenue.
For the N582.307 billion VAT, the Federal Government received N87.346 billion, States N291.154 billion, and Local Governments N203.807 billion. The N18.818 billion EMTL was distributed as N2.823 billion to the Federal Government, N9.409 billion to States, and N6.586 billion to Local Governments.
In July, significant increases were recorded in Oil and Gas Royalty, Petroleum Profit Tax (PPT), VAT, Import Duty, EMTL, and CET Levies. However, Companies Income Tax (CIT) saw a decline, while Excise Duties saw marginal growth.
