The Federation Accounts Allocation Committee (FAAC) has disbursed N1.208 trillion to the three tiers of government as revenue for May 2024, surpassing the N1.1 trillion disbursed in April by N1 billion. This was disclosed in a statement issued on Thursday by Bawa Mokwa, the Spokesperson for the Office of the Accountant-General of the Federation (OAGF), following the FAAC meeting held in Abuja.
According to the FAAC communiqué, the total distributable revenue of N1.208 trillion includes N284.716 billion from statutory revenue, N466.457 billion from Value Added Tax (VAT), N18.024 billion from the Electronic Money Transfer Levy (EMTL), and N438.884 billion from Exchange Difference revenue.
For April 2024, the total revenue available was N2.2 trillion. Deductions for the cost of collection amounted to N80.517 billion, while total transfers, interventions, and refunds accounted for N903.479 billion. The gross statutory revenue received in April was N1.233 trillion, which is N216.282 billion higher than the N1.02 trillion received in March. Additionally, the gross revenue from VAT in April was N500.920 billion.
See the full statement below:
FG, STATES AND LGCs SHARE N1,208.081 BILLION APRIL 2024 REVENUE
A total sum of N1,208.081 billion April 2024 Federation Account Revenue has been shared to the Federal Government, States and Local Government Councils in the country.
The revenue was shared at the May 2024 meeting of the Federation Accounts Allocation Committee (FAAC), held in Abuja.
A communiqué issued by the Federation Allocation Account Committee (FAAC) revealed that the N 1,208.081 billion total distributable revenue comprised distributable statutory revenue of N284.716 billion, distributable Value Added Tax (VAT) revenue of N466.457 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion and Exchange Difference revenue of N438.884 billion.
Total revenue of N2,192.077 billion was available in the month of April 2024. Total deduction for cost of collection was N80.517 billion; total transfers, interventions and refunds was N903.479 billion.
Gross statutory revenue of N1,233.498 billion was received for the month of April 2024. This was higher than the sum of N1,017.216 billion received in the month of March 2024 by N216.282 billion.
The gross revenue available from the Value Added Tax (VAT) in April 2024 was N500.920 billion. This was lower than the N549.698 billion available in the month of March 2024 by N48.778 billion.
The communiqué confirmed that from the N1,208.081 billion total distributable revenue, the Federal Government received a total sum of N390.412 billion, the State Governments received N403.403 billion and the Local Government Councils received N293.816 billion.
A total sum of N120.450 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N284.716 billion distributable statutory revenue, the communiqué stated that the Federal Government received N112.148 billion, the State Governments received N56.883 billion and the Local Government Councils received N43.855 billion. The sum of N71.830 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Federal Government received N69.969 billion, the State Governments received N233.229 billion and the Local Government Councils received N163.260 billion from the N466.457 billion distributable Value Added Tax (VAT) revenue.
A total sum of N2.704 billion was received by the Federal Government from the N18.024 billion Electronic Money Transfer Levy (EMTL). The State Governments received N9.012 billion and the Local Government Councils received N6.308 billion.
The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue. The State Governments received N104.279 billion and the Local Government Councils received N80.394 billion. The sum of N48.620 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
According to the communiqué, in the month of April 2024, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL) and CET Levies increased significantly while Import Duty and Value Added Tax (VAT) recorded considerable decreases.
The balance in the ECA was $473,754.57
FAAC: FG, States, LGAs share N1.2trn in May
