FG, States, LGs Share N1.2tn In May

The Federation Allocation Allocation Committee has disclosed that during the May 2024 meeting of the FAAC held in Abuja, N1.2tn from the April 2024 Federation Account Revenue was shared by the federal, states, and local governments.

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

The document revealed that N1.2tn total distributable revenue comprised distributable statutory revenue of N284.71bn, distributable Value Added Tax revenue of N466.45bn, Electronic Money Transfer Levy revenue of N18.02bn, and Exchange Difference Revenue of N438.88bn.

Total revenue of N2.19tn was available in April 2024.

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The total deduction for the cost of collection was N80.51bn; the total transfers, interventions, and refunds were N903.47bn.

Gross statutory revenue of N1.23tn was received for April 2024.

This was higher than the sum of N1.01bn received in March 2024 by N216.28bn.

The gross revenue available from the value-added tax in April 2024 was N500.92bn. This was lower than the N549.69bn available in March 2024 by N48.77bn.

From the N1.2tn in total distributable revenue, the Federal Government received a total sum of N390.41bn, the state governments received N403.40bn, and the local government councils received N293.81bn.

A total sum of N120.450bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

On the N284.716bn distributable statutory revenue, the communiqué stated that the Federal Government received N112.14bn, the state governments received N56.88bn, and the local governments received N43.855bn. The sum of N71.83bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

The Federal Government received N69.96bn, the state governments received N233.22bn, and the local governments received N163.26bn from the N466.45bn distributable value-added tax revenue.

A total sum of N2.704bn was received by the FG from the N18.024bn Electronic Money Transfer Levy. The state governments received N9.012bn, and the local governments received N6.30bn.

The Federal Government received N205.59bn from the N438.88bn Exchange Difference revenue. The state governments received N104.27bn, and the local governments received N80.39bn. The sum of N48.62bn (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

According to the communiqué, in April 2024, oil and gas royalties, company income tax, excise duty, petroleum profit tax, electronic money transfer levies, and CET levies increased significantly, while import duty and value-added tax recorded considerable decreases.

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