FAAC Disburses N1.358tn  to Federal, State, LGs for July

The Federation Accounts Allocation Committee (FAAC) has disbursed a total sum of ₦1.3 trillion to the federal, state, and local governments for the month of July 2024.

This was disclosed at the FAAC meeting held in Abuja on Wednesday.

According to a communiqué issued after the meeting, the Federal Government received ₦431.079 billion, while the state governments were allocated ₦473.477 billion from the total distributable revenue of ₦1.358 trillion.

The revenue distribution comprises several components, including ₦161 billion from distributable revenue, ₦582.307 billion from Value Added Tax (VAT), and ₦18.818 billion from the Electronic Money Transfer Levy (EMTL).

Additionally, the total distributable revenue included an Exchange Difference revenue of ₦581 billion and ₦13.6 billion from solid mineral revenue.

The communiqué, signed by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation, noted that the total revenue available for distribution in July 2024 was ₦2.6 billion.

It further detailed that deductions for the cost of collection amounted to ₦99.756 billion, while transfers, interventions, and refunds totaled ₦1.155 trillion.

In a related development, the balance in the Excess Crude Account (ECA) was reported to be $473,754.57 as of the end of July 2024.