Mkpoikana Udoma
Port Harcourt — The Federation Account Allocation Committee, FAAC has disbursed a total sum of N2.32 trillion to the Federal Government, States, and Local Governments in June 2024, from the total revenue generated in May 2024.
This was announced in the FAAC June 2024 Disbursement report, which revealed that the Federal Government received N365.81 billion, while States and Local Governments received N388.42 billion and N282.48 billion, respectively.
The amount disbursed comprised N1,223.89bn from the Statutory Account, N587.46bn from Exchange Gain for the month of May, N15.78bn from Electronic Money Transfer Levy, and N497.66bn from Valued Added Tax, VAT.
The sum of N106.50billion was shared among the oil producing states from the 13percent derivation fund.
The revenue generating agencies compris ing Nigeria Customs Services, Federal Inland Revenue Service, and Nigerian Upstream Petroleum Regulatory Commission received N20.85bn, N36.33bn, and N19.46bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria revealed that a total net amount of N232.82bn was disbursed to the FGN consolidated revenue account; N5.58bn was received as a share of derivation and ecology; N2.79bn as stabilization fund; N9.38bn for the development of natural resources; and N10.12bn to the Federal Capital Territory.
