The Federation Account Allocation Committee (FAAC) distributed N1.208 trillion to the federal, state, and municipal governments. The allocation, given during the May 2024 FAAC meeting, included distributable statutory income of N284.716 billion, distributable Value Added Tax (VAT) revenue of N466.457 billion, electronic money transfer levy revenue of N18.024 billion, and exchange difference revenue of N438.884 billion.
This was stated in a communiqué published at the conclusion of the Federation Account Allocation Committee (FAAC) meeting for April 2024, according to Bawa Mokwa, Director of Press and Public Relations within the Office of the Accountant General of the Federation, on Thursday.
Meanwhile, the Excess Crude Account (ECA) balance for last month was set at $473,754.57. A total of N1,208.081 billion in April 2024 Federation Account Revenue has been distributed to the Federal Government, States, and Local Government Councils across the country.
The income was distributed at the May 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
According to a communiqué issued by the Federation Allocation Account Committee (FAAC), the total distributable revenue of N 1,208.081 billion included 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.
