N1.2trn available in the FAAC account for April. This is how it was shared among FG, states, LGs

Friday, 17 May 2024 04:32

N1.2trn available in the FAAC account for April. This is how it was shared among FG, states, LGs

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N1.2trn available in the FAAC account for April. This is how it was shared among FG, states, LGs

The Federation Account Allocation Committee (FAAC) announced that the federal, state, and local governments shared N1.2 trillion for April, 2024. This information was disclosed in a communiqué released at the conclusion of the May 2024 FAAC meeting by Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), on Thursday.

The allocation for April represents an increase of N85 billion compared to the N1.12 trillion distributed in March. The breakdown of the N1.2 trillion includes N284 billion in distributable statutory revenue, N466 billion in distributable value-added tax (VAT) revenue, N18 billion from the electronic money transfer levy (EMTL), and N438 billion from exchange difference revenue.

FAAC reported that the total revenue available in April 2024 was N2.1 trillion. Deductions included N80 billion for the cost of collection and N903 billion for transfers, interventions, and refunds. Gross statutory revenue for April was N1.2 trillion, which is N216 billion more than the N1.01 trillion received in March. VAT gross revenue was N500 billion, down by N48 billion from the N549 billion recorded in March.

From the N1.2 trillion total distributable revenue, the federal government received N390 billion, states received N403 billion, and local governments got N293 billion. Additionally, N120 billion was distributed to states as 13 percent derivation revenue.

Out of the N284 billion in distributable statutory revenue, the federal government received N112 billion, states got N56 billion, and local governments received N43 billion, with N71 billion allocated as derivation revenue to the states.

From the N466 billion in distributable VAT revenue, the federal government received N69 billion, states received N233 billion, and local governments got N163 billion. The N18 billion EMTL revenue was divided with the federal government getting N2.704 billion, states N9 billion, and local governments N6 billion.

Regarding the N438 billion exchange difference revenue, the federal government received N205 billion, states got N104 billion, and local governments received N80 billion, with N48 billion distributed as 13 percent derivation revenue to the benefiting states.

FAAC also noted significant increases in oil and gas royalties, companies’ income tax (CIT), excise duty, petroleum profit tax (PPT), EMTL, and CET levies in April. However, import duty and VAT saw considerable decreases. The balance in the excess crude account (ECA) for April was $473,754.