Tuesday, 11 June 2024 04:52

FAAC: FG, states, LGAs share N1.14 trillion for May 2024

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The Federation Account Allocation Committee (FAAC) announced that the federal, state, and local governments shared N1.14 trillion for May 2024. This amount marks a decrease of N60 billion compared to the N1.20 trillion distributed in April.

This information was disclosed in a communiqué issued during FAAC's June meeting, chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

According to the communiqué, the total revenue of N1.14 trillion for May comprised:

- Statutory revenue: N157 billion

- Value-Added Tax (VAT) revenue: N463 billion

- Electronic Money Transfer Levy (EMTL) revenue: N15 billion

- Exchange difference revenue: N507 billion

FAAC noted that the total available revenue for May was N2.32 trillion. Of this, N76.647 billion was deducted for the cost of collection, and N1.104 trillion was allocated for transfers, interventions, and refunds.

The gross statutory revenue for May 2024 was N1.223 trillion, slightly lower than the N1.233 trillion received in April by N9.6 billion. The gross revenue from VAT was N497 billion, down from N500 billion in April.

The distribution of the N1.14 trillion total revenue was as follows:

- Federal government: N365 billion

- State governments: N388 billion

- Local governments: N282 billion

- Benefiting states received N106 billion as 13 percent derivation revenue

From the N157.183 billion in statutory revenue:

- Federal government: N61 billion

- State governments: N30.9 billion

- Local governments: N23.8 billion

- Benefiting states received N41.371 billion as 13 percent mineral revenue derivation

From the N463 billion VAT revenue:

- Federal government: N69 billion

- State governments: N231 billion

- Local governments: N162 billion

From the N15 billion EMTL:

- Federal government: N2.2 billion

- State governments: N7.5 billion

- Local governments: N5.3 billion

The communiqué also noted significant increases in companies' income tax (CIT) and petroleum profit tax (PPT) for May, while revenues from import and excise duties, royalty crude and gas, EMTL, CET levies, and VAT saw considerable decreases.

The balance in the Excess Crude Account remained at $473.754 million.

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