This is contained in a communique released yesterday by the Federation Accounts FAAC at the end of its July meeting held in Abuja.
The communique also reports that Nigeria’s excess crude account (ECA) balance has remained stable at $473,754.57 in June, the same amount it was in May 2024.
ECA is a special account maintained by the federal government for extra revenue from crude oil above the budget benchmark.
The communique noted that the meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
It stated that the N1.354 trillion total distributable revenue comprised distributable statutory revenue of N142.514 billion, distributable Value Added Tax (VAT) revenue of N523.973 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.692 billion, Exchange Difference revenue of N472.192 billion and Augmentation of N200.000 billion.
“Total revenue of N2.483 trillion was available in the month of June 2024. Total deduction for cost of collection was N92.112 billion while total transfers, interventions and refunds was N1.037 trillion,” FAAC said.
It noted that Gross statutory revenue of N1.432 trillion was received for the month of June 2024. This was higher than the sum of N1.223 trillion received in the month of May 2024 by N208.773 billion.
The gross revenue of N562.685 billion was available from the Value Added Tax (VAT) in June 2024. This was higher than the N497.665 billion available in the month of May 2024 by N65.020 billion.
The communiqué stated that from the N1.354 trillion total distributable revenue, the Federal Government received total sum of N459.776 billion, the State Governments received total sum of N461.979 billion and the Local Government Councils received total sum of N337.019 billion.
A total sum of N95.598 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N142.514 billion distributable statutory revenue, the communiqué stated that the Federal Government received N48.952 billion, the State Governments received N24.829 billion and the Local Government Councils received N19.142 billion. The sum of N49.591 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
The Federal Government received N78.596 billion, the State Governments received N261.987 billion and the Local Government Councils received N183.391 billion from the N523.973 billion distributable Value Added Tax (VAT) revenue.
A total sum of N2.354 billion was received by the Federal Government from the N15.692 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.846 billion and the Local Government Councils received N5.492 billion.
From the N472.192 billion Exchange Difference revenue, the Federal Government received N224.514 billion, the State Governments received N113.877 billion and the Local Government Councils received N87.794 billion. A total sum of N46.007 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N200.000 billion augmentation, the Federal Government received N105.360 billion, the State Governments received N53.440 billion and the Local Government Councils received N41.200 billion.
According to the communiqué, in the month of June 2024, Companies Income Tax Oil (CIT) and Value Added Tax (VAT) increased significantly while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased marginally. Royalty Crude, Petroleum Profit Tax (PPT), Rentals and CET Levies recorded considerable decreases.