FG, states, LGAs share N1.35tr as revenue allocation for June

The three tiers of government on Tuesday shared the sum of N1.35 trillion as revenue allocation for June.
The figure was N150 million higher than the N1.2 trillion shared by the federal, state, and local governments in May.
The Director of Information and Public Relations in the Finance Ministry, Mohammed Manga, who disclosed this in a communiqué issued at the end of the Federation Account Allocation Committee  (FAAC) meeting in Abuja, said the Federal Government received N459.7 billion, the states got N461.9 billion, the local government councils collected N337.019 billion.
He was however silent on whether local councils administrated by the caretaker committee received statutory allocations.
The Supreme Court had last week granted autonomy to the 774 LGAs in the country.
The apex court, however, ordered the federal government to withhold revenue allocation to local government areas without elected officials.
The communiqué read: “The Federation Account Allocation Committee, at its July 2024 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.35 trillion to the three tiers of government as Federation Allocation for a gross total of N2.48 trillion.
“From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax, Electronic Money Transfer Levy, Exchange Difference, and an Augmentation of N200 Billion, the Federal Government received N459.776 billion, the states received N461.979 billion, the Local Government Councils got N337.019 billion, while the Oil Producing States received N95.598 Billion as Derivation, (13 percent of Mineral Revenue).
“The Gross Revenue available from the Value Added Tax for June 2024 was N562.685 billion as against N497.66 billion distributed in the preceding month, increasing to N65.020 billion.
 “From that amount, the sum of N22.507 billion was allocated for the cost of collection and the sum of N16.205 billion was given for transfers, intervention, and refunds.
“The remaining sum of N523.973 billion was distributed to the three tiers of government, of which the Federal Government got N78.596 billion, the States received N261.987 billion and Local Government Councils got N183.39 billion.”
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