• About
  • Advertise
  • Contact
Saturday, May 31, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

FAAC Shares N1.358trillion July Revenue Among FG, States, LGs

Vital News by Vital News
August 16, 2024
in Economy, News
0
FAAC Shares N1.358trillion July Revenue Among FG, States, LGs
Share on FacebookShare on Twitter

The Federation Accounts Allocation Committee (FAAC) on Friday shared N1.358 trillion to Federal Government, States and Local Government Councils in July 2024.

FAAC confirmed this in a communique issued at the end of its July allocation meeting in Abuja.

According to the communiqué, the Federal Government received a cumulative sum of N431.079 billion while state governments were allocated N473.477 billion.

Local governments received N343.703 billion, and oil-producing states were granted N109.816 billion.

The breakdown of the N1.358 trillion total distributable revenue includes N161.593 billion as distributable statutory revenue, N582.307 billion as distributable Value Added Tax (VAT) revenue, and N18.818 billion as Electronic Money Transfer Levy (EMTL) revenue. Additionally, the revenue comprised N581.710 billion from Exchange Difference revenue and N13.647 billion from Solid Mineral revenue.

RelatedStories

Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA

Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

21 Die, 10 Missing In Niger Flood Disaster

The FAAC communiqué further revealed that the total revenue available in July 2024 amounted to N2.613 trillion.

After deducting the cost of collection, which stood at N99.756 billion, the total transfers, interventions, and refunds amounted to N1.155 trillion.

The gross statutory revenue for July 2024 stood at N1.387 trillion, which represents a decline of N45.517 billion compared to June 2024. In terms of Value Added Tax (VAT), N625.329 billion was generated in July 2024, indicating an increase of N62.644 billion compared to the previous month.

From the total distributable revenue of N1.358 trillion, the Federal Government received N431.079 billion, while the State Governments received N473.477 billion.

The Local Government Councils received N343.703 billion, and the oil-producing states were granted N109.816 billion as derivation revenue, amounting to 13% of mineral revenue.

Breaking down the distributable statutory revenue of N161.593 billion, the Federal Government received N58.545 billion, while the State Governments received N29.695 billion.

The Local Government Councils received N22.894 billion, and the benefiting states received N50.459 billion as 13 percent derivation revenue.

Regarding the distributable Value Added Tax (VAT) revenue of N582.307 billion, the Federal Government received N87.346 billion, the State Governments received N291.154 billion, and the Local Government Councils received N203.807 billion.

Furthermore, the Electronic Money Transfer Levy (EMTL) revenue of N18.818 billion saw the Federal Government receive N2.823 billion, the State Governments receive N9.409 billion, and the Local Government Councils receive N6.586 billion.

On breakdown of the N581.710 billion Exchange Difference revenue, the Federal Government received N276.110 billion, the State Governments received N140.047 billion, and the Local Government Councils received N107.970 billion.

Additionally, the benefiting states obtained N57.583 billion as derivation revenue.

As for the N13.647 billion Solid Mineral revenue, the Federal Government received N6.255 billion, the State Governments received N3.172 billion, and the Local Government Councils received N2.446 billion.

Additionally, the benefiting states received N1.774 billion as derivation revenue.

The detailed report also revealed changes in various revenue streams. Oil and Gas Royalty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), Import Duty, Electronic Money Transfer Levy (EMTL), and CET Levies experienced significant increases, while Companies Income Tax (CIT) recorded a decrease and Excise Duties slightly increased.

Despite the revenue allocations, the balance in the Excess Crude Account (ECA) remained unchanged at $473,754.57.

This latest distribution of funds from the Federation Accounts Revenue is aimed at fostering development and promoting economic growth across the various tiers of government in Nigeria. (vitalnewsngr.com)

Tags: allocationJulyshareStates
Previous Post

Drop In Nigeria’s inflation, Clear Indication Of Success Of Tinubu Economic Policies -TMSG

Next Post

Gov Alia Inaugurates Save The Benue Child Committee

Vital News

Vital News

RelatedStories

Death Toll From Niger Flood Disaster Rises To 115,  Many Still Missing – NSEMA
Environment

Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA

May 30, 2025
Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance
Culture

Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

May 30, 2025
NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State
Environment

NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

May 30, 2025
21 Die, 10 Missing In Niger Flood Disaster
Environment

21 Die, 10 Missing In Niger Flood Disaster

May 29, 2025
Sidi Ould Tah Elected New President Of AfDB
Economy

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
Next Post
Gov Alia Inaugurates Save The Benue Child Committee

Gov Alia Inaugurates Save The Benue Child Committee

NYSC Invalidates Certificates Of 101 Persons Fraudulently Mobilised For National Service By University Of Calabar

How NYSC Discovered, Demobilised Bread Seller, 53 Other Fake Graduates Mobilised For National Service By UNICAL

We Have Accepted N70,000 As New Minimum Wage – NLC, TUC

We Will Not Allow Backlog of Promotion Exercise - Abiodun

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

APC postpones screening of presidential aspirants indefinitely

3 years ago
13th All Africa Games : Nigeria Win Six More Gold Medals In Weightlifting

13th All Africa Games : Nigeria Win Six More Gold Medals In Weightlifting

1 year ago
Dapo Abiodun : Grace Galore, Bountiful Showers At 64 By Kayode Akinmade

Ogun Fixes LG Elections For November 16

10 months ago
Kogi Traditional Rulers Condemn Attack On Bello’s Convoy

Kogi Traditional Rulers Condemn Attack On Bello’s Convoy

2 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

21 Die, 10 Missing In Niger Flood Disaster

Sidi Ould Tah Elected New President Of AfDB

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

School Wall Collapses On Students Writing WAEC In Taraba

Trending

Death Toll From Niger Flood Disaster Rises To 115,  Many Still Missing – NSEMA
Environment

Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA

by Vital News
May 30, 2025
0

The Niger State Emergency Management Agency (NSEMA) says death toll from the flood disaster that recently ravaged...

INEC Fixes July 20 And  August 8, 2026 For Ekiti, Osun Governorship Elections

INEC Fixes July 20 And August 8, 2026 For Ekiti, Osun Governorship Elections

May 30, 2025
Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

May 30, 2025
NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

May 30, 2025
21 Die, 10 Missing In Niger Flood Disaster

21 Die, 10 Missing In Niger Flood Disaster

May 29, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA May 30, 2025
  • INEC Fixes July 20 And August 8, 2026 For Ekiti, Osun Governorship Elections May 30, 2025
  • Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance May 30, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In