In July 2024, the Federation Accounts Allocation Committee (FAAC) saw a notable increase in the monthly disbursement to the Federal, State, and Local Governments, rising from N1.143 trillion in June to N1.354 trillion. The FAAC meeting, chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, allocated these funds among the different tiers of government as follows: Federal Government received N459.776 billion, State Governments received N461.979 billion, Local Government Councils (LGCs) received N337.019 billion, Oil Producing States received an additional N95.598 billion as derivation (13% of mineral revenue). The communiqué from the FAAC highlighted that the total revenue distributable in June 2024 included statutory revenue of N142.514 billion, VAT revenue of N523.973 billion, EMTL revenue of N15.692 billion, N472.192 billion from exchange differences, and an augmentation of N200 billion Additionally, the gross revenue available from VAT increased significantly to N562.685 billion in June from N497.665 billion in May, marking a rise of N65.020 billion. A breakdown showed N16.205 billion allocated for transfers, interventions, and refunds, with N16.346 billion from the EMTL distributed across the tiers of government. The communiqué also outlined the allocation of exchange differences and an augmentation, demonstrating a distribution that supports both government operations and development needs across the states and local councils
FAAC Disburses N1.411 Trillion for October 2024
