FG, states, LGs shared N1.35tn in June

The Federation Account Allocation Committee has disclosed that the three tiers of government shared a total sum of N1.35 trillion in June.

The amount shared was out of the total sum of N2.48tn revenue generated by various agencies and N150m more than the N1.2tn shared in May.

A statement by the Director, of Information and Public Relations, Finance Ministry, Mohammed Manga, on Tuesday said the Federal Government received a total sum of N459.776bn, the States received N461.979bn, the Local Government Councils got N337.019bn.

The Director however didn’t confirm if LGCs administrated by the caretaker committee received statutory allocations as directed by the Supreme Court.

Last week, the apex court ordered the Federal Government to immediately start the direct payment of local government funds to the latter’s exclusive accounts.

The court ordered immediate compliance with the judgement, stating that no state government should be paid monies meant for Local Governments.

The statement 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 N1,35tn to the three tiers of government as Federation Allocation for m a gross total of N2,48tn.

“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 per cent of Mineral Revenue).”

It added that the sum of N92.11bn was given for the cost of collection, while N1.037bn was allocated for transfer Intervention and refunds.

It said CoCompanies’ncome Tax and Value Added Tax increased significantly, Import and Excise Duties and Electronic Money Transfer levies increased marginally while Petroleum Profit, Royalty Crude, Rentals and Customs External tariff levies recorded considerably decreases.
The sum of N92.11bn was given for the cost of collection, while N1.037bn was allocated for transfer intervention and refunds.
The Communique issued by the committee at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax for June 2024, was N562.685bn as against N497.66bn distributed in the preceding month, increasing to N65.020bn.
The Communique stated, “From that amount, the sum of N22.507bn was allocated for the cost of collection and the sum of N16.205bn was given for transfers, intervention and refunds.

“The remaining sum of N523.973bn was distributed to the three tiers of government, of which the Federal Government got N78.596bn, the States received N261.987bn and Local Government Councils got N183.39bn.

Accordingly, the Gross Statutory Revenue of N1.24tn was received for the month. From the stated amount, the sum of N68.95bn was allocated for the cost of collection and a total sum of N1.02tn for transfers, intervention and refunds.

The remaining balance of N142.514bn was distributed as follows to the three tiers of government: Federal Government got the sum of N48.95bn, States received N24.83bn, the sum of N19.14bn was allocated to LGCs and N49.59bn was given to Derivation Revenue (13 per cent Mineral producing States).
Also, the sum of N16.35bn from the Electronic Money Transfer Levy was distributed to the three tiers of government as follows: the Federal Government received N2.354bn, States got N7.85bn, Local Government Councils received N5.49bn, while N0.654bn was allocated for the cost of collection.

The Communique also disclosed the sum of N472.19bn from Exchange Difference, which was shared as follows: Federal Government received N224.51bn, States got N113.88bn, the sum of N87.79bn was allocated to Local Government Councils, N46.01bn was given for Derivation (13 per cent of Mineral Revenue).
It further disclosed an Augmentation of N200bn which was shared as follows: the Federal.

Support KAKAKIOODUA Online Media Services for better performance, integrity and credibility

At KAKAKIOODUA, we firmly believe in the publication of local content at it affects Ijesaland as we have realized that there was a media blackout on the activities of patriotic Ijesaland sons and daughters.

We are dedicated to delivering on-the-spot coverage and this requires a lot of expenses.

We value your readership thus we also extend our tentacles to national and international daily news updates, in-depth investigations into pressing local and national issues, or political and entertaining trending stories.

It’s essential to acknowledge that news production and on-the-spot coverage incur expenses as we plan to multiply our efforts.

Would you consider supporting us with a modest contribution?

Send your tokens to our CEO,

 

Oladimeji Lasore 

FIRST BANK

2034494099

ECOBANK

4771101196

Thank you and God bless

ADVERTISEMENT 

👇 Click to watch video 👇

Daniel Adewole Awe Medical Center is a healthcare facility located in Ilesa, Osun State, providing quality primary and secondary healthcare services to the community and its environs.