FAAC: FG, States, LGs Share ₦1.2 Trillion in May

The Federation Allocation Allocation Committee (FAAC) has announced that during its May 2024 meeting held in Abuja, N1.2tn from April 2024 Federation Account Revenue was distributed among the federal, state, and local governments.

Mr. Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, disclosed this in a statement on Thursday.

The total distributable revenue of N1.2tn consisted of N284.71bn in distributable statutory revenue, N466.45bn from Value Added Tax (VAT), N18.02bn from the Electronic Money Transfer Levy, and N438.88bn from Exchange Difference Revenue.

April 2024 saw a total revenue of N2.19tn available. The cost of collection deducted amounted to N80.51bn, while total transfers, interventions, and refunds were N903.47bn.

Gross statutory revenue received in April 2024 was N1.23tn, an increase of N216.28bn from the N1.01tn received in March 2024. The gross revenue from VAT in April 2024 was N500.92bn, a decrease of N48.77bn from the N549.69bn available in March 2024.

From the N1.2tn total distributable revenue, the Federal Government received N390.41bn, state governments received N403.40bn, and local government councils received N293.81bn. Additionally, N120.450bn (13% of mineral revenue) was allocated to benefiting states as derivation revenue.

From the N284.71bn in distributable statutory revenue, the Federal Government received N112.14bn, state governments received N56.88bn, and local governments received N43.86bn. Benefiting states received N71.83bn as derivation revenue.

In the distribution of the N466.45bn VAT revenue, the Federal Government received N69.96bn, state governments received N233.22bn, and local governments received N163.26bn.

The N18.02bn Electronic Money Transfer Levy was distributed with the Federal Government receiving N2.70bn, state governments N9.01bn, and local governments N6.30bn.

The Federal Government received N205.59bn from the N438.88bn Exchange Difference Revenue, state governments received N104.27bn, and local governments received N80.39bn. Benefiting states received N48.62bn as derivation revenue.

The communiqué noted significant increases in oil and gas royalties, company income tax, excise duty, petroleum profit tax, electronic money transfer levies, and CET levies in April 2024, while import duty and VAT recorded considerable decreases.

The balance in the Excess Crude Account remained at $473,754.57.

This article is sourced from The Punch newspaper, with minor edits and adaptations by The Spectacles for clarity and readability.