The Federation Account Allocation Committee (FAAC) announced that the federal, state, and local governments shared N1.35 trillion in June, marking an increase of N210 billion from the N1.14 trillion distributed in May. The details were disclosed in a communiqué issued after the July meeting, chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

According to the communiqué, the N1.35 trillion shared among the three tiers of government in June came from a gross total of N2.48 trillion. The breakdown included N142 billion in statutory revenue and N523 billion from value-added tax (VAT) revenue. Additionally, the revenue included N15 billion from the electronic money transfer levy (EMTL), N472 billion from exchange difference revenue, and N200 billion from exchange difference and augmentation, totaling N1.354 trillion in distributable revenue for June.

From the N1.35 trillion, the federal government received N459.7 billion, states received N461.9 billion, and local government councils got N337 billion. Oil-producing states were allocated N95.5 billion as derivation (13 percent of mineral revenue). The cost of collection amounted to N92.1 billion, and N1.03 billion was allocated for transfer intervention and refunds.

The gross revenue available from VAT for June was N562.6 billion, higher than the N497.6 billion available in May. Of the N523 billion in distributable VAT revenue, the federal government received N78.5 billion, states got N261.9 billion, and local governments were allocated N183.3 billion.

The gross statutory revenue for the month was N142.5 billion. From this, the federal government received N48.9 billion, states got N24.82 billion, and local governments received N19.14 billion. Oil-producing states were given N49.5 billion as 13 percent derivation revenue.

Regarding the N16.34 billion from the EMTL distributed to the three tiers of government, the federal government received N2.3 billion, states got N7.8 billion, and local governments were allocated N5.4 billion.

The FAAC communiqué also noted significant increases in companies' income tax (CIT) and VAT, with marginal increases in import and excise duties and EMTL. Conversely, there were considerable decreases in petroleum profit tax (PPT), royalty crude, rentals, and customs external tariff levies (CET). The balance in the excess crude account (ECA) as of June was $473,754.57.