Three Tiers Of Government Share N1.35 Trillion Revenue for the Month of June 2024
Three Tiers of Government have shared revenue totaling N1.35 trillion as their allocation from the Federation account, for the month of June 2024.
This is higher than N1.20 trillion shared for the month of April 2024.
The 1.35 trillion was the distributable revenue out of the gross revenue of N2.48 trillion generated for the month of June.
The revenue was shared on Tuesday during the monthly meeting of the federation account allocation committee, presided over by Finance Minister, Wale Edun, in Abuja.
The distributable N1.35 trillion revenue, include statutory revenue (N142.5 billion); value added tax (N523.9 billion); electronic money transfer levy (N15.6 billion), foreign exchange differential (N472.1 billion).
The distributable revenue was further augmented with N200 billion.
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The breakdown of the allocation shows that Federal Government got N459.7 billion, 36 state governments (N461.9 billion); 774 local governments (N337.01 billion).
Also, N96.6 billion was allocated for 13 per cent derivation.
Total deduction from the gross revenue of N2.4 trillion include N92.1 billion for the revenue collection agencies and N1.03 trillion for transfer, intervention and refunds.
The total fund in the excess crude oil account was $473,754 million.
Companies’ Income Tax and Value Added Tax increased significantly, while Import and Excise Duties and Electronic Money Transfer Levies increased marginally. Petroleum Profit, Royalty Crude, Rentals and Customs External Tariff levies recorded considerable decreases.
According to the Communique, the total revenue distributable for the current month of June 2024, was drawn from Statutory Revenue of N142.5bn, Value Added Tax of N523.98bn, N15.69bn from Electronic Money Transfer Levy, N472.19bn from Exchange Difference and Augmentation of N200bn, bringing the total distributable amount for the month to N1.36tn.
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