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.
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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.
(PUNCH)