The three levels of government have received N1.358 trillion from the July Federation Accounts revenue, according to the Federation Account Allocation Committee.
The Office of the Accountant-General of the Federation’s Director of Press and Public Relations, Mr. Bawa Mokwa, made this announcement in Abuja.
The N1.358 trillion in distributable revenue was made up of:
– 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 email further stated: “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.”