The Federation Accounts Allocation Committee (FAAC) has shared A total of N1,143. Trillion for May 2024, the Federation Accounts Revenue is shared to the Federal Government, States and Local Government Councils in the country.
A communiqué issued by the Federation Accounts Allocation Committee (FAAC) revealed that from the N1,143 Trillion total distributable revenue, the Federal Government received total sum of N365.813 billion, the State Governments received total sum of N388.419 billion and the Local Government Councils received total sum of N282.476 billion.
The revenue was shared at the June 2024 meeting of the Federation Accounts Allocation Committee (FAAC), chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
the N1,143.210 billion total distributable revenue comprised distributable statutory revenue of N 157.183 billion, distributable Value Added Tax (VAT) revenue of N463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.
Total revenue of N2,324.792 billion was available in the month of May 2024. Total deduction for cost of collection was N76.647 billion while total transfers, interventions and refunds was N1,104.935 billion.
MUST READ: Dabiri-Erewa Visits Stranded Nigerian Girls In Ghana
A total sum of N106.502 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N157.183 billion distributable statutory revenue, the communiqué stated that the Federal Government received N61.010 billion, the State Governments received N30.945 billion and the Local Government Councils received N23.857 billion. The sum of N41.371 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Federal Government received N69.514 billion, the State Governments received N231.713 billion and the Local Government Councils received N162.199 billion from the N463.425 billion distributable Value Added Tax (VAT) revenue.
A total sum of N2.272 billion was received by the Federal Government from the N15.146 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.573 billion and the Local Government Councils received N5.301 billion.
From the N507.456 billion Exchange Difference revenue, the Federal Government received N233.017 billion, the State Governments received N118.189 billion and the Local Government Councils received N91.119 billion. A total sum of N65.131 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
According to the communiqué, in the month of May 2024, Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) increased significantly while Import and Excise Duties, Royalty Crude and Gas, Electronic Money Transfer Levy (EMTL), CET Levies and Value Added Tax (VAT) recorded considerable decreases.
The balance in the ECA was $473,754.57
(Editor: Paul Akhagbemhe)
