the Federation Account Allocation Committee (FAAC) has shared a total of 1.354 trillionnaira to the three tiers of government.

A communiqué at the end of its meeting in Abuja indicated that the funds came from the Federation revenue earned in June.

The distributable revenue comprised statutory revenue of 142.5 billion naira, distributable Value Added Tax (VAT) revenue of 523.973 billion naira, Electronic Money Transfer Levy (EMTL) revenue of 15.692 billion naira, Exchange Difference revenue of 472.192 billion naira and Augmentation of 200.000 billion naira.

Total revenue of 2.483 trillion naira was available in the month of June 2024. Total deduction for cost of collection was 92.112 billion naira while total transfers, interventions and refunds was to 1,037.407 billion naira.

Gross statutory revenue of 1.432 trillion naira was received for the month of June 2024. This was higher than the sum of 1.223 trillion naira received in month of May 2024 by 208.773 billion naira.