June 10, (THEWILL) – The Federation Allocation Account Committee (FAAC) has shared a total sum of N1,143 trillion to the Federal Government, States and Local Government Councils, as May 2024 Federation Account Revenue.
Mohammed Manga, the Director of Information and Public Relations, Federal Ministry of Finance, in a statement on Monday, said the allocation was shared at the June 2024 meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
FAAC in a communiqué released at the end of the meeting, explained that the total distributable revenue comprised N157.183 billion from statutory revenue, N463.425 billion from Value Added Tax (VAT), N15.146 billion from Electronic Money Transfer Levy (EMTL), and N507.456 billion from Exchange Rate Difference.
For the month of May 2024, the total revenue available was N2.324 trillion. Deductions for collection costs amounted to N76.647 billion, while transfers, interventions, and refunds totalled N1.104 trillion.
The gross statutory revenue for May stood at N1.223 trillion, a slight decrease from the N1.233 trillion received in April 2024 by N9.604 billion. Similarly, VAT revenue for May was N497.665 billion, slightly lower than the N500.920 billion recorded in April 2024 by N3.255 billion.
From the total distributable revenue of N1.143 trillion, the Federal Government received N365.813 billion, the State Governments N388.419 billion, and the Local Government Councils N282.476 billion. Benefiting States also received N106.502 billion as 13 percent of mineral derivation revenue.
Breaking down the N157.183 billion distributable statutory revenue, the Federal Government received N61.010 billion, the State Governments N30.945 billion, and the Local Government Councils N23.857 billion. An additional N41.371 billion was allocated to the benefiting States as derivation revenue.
From the N463.425 billion VAT revenue, the Federal Government received N69.514 billion, the State Governments N231.713 billion, and the Local Government Councils N162.199 billion. The N15.146 billion from EMTL was distributed with the Federal Government receiving N2.272 billion, the State Governments N7.573 billion, and the Local Government Councils N5.301 billion.
The N507.456 billion Exchange Rate Difference revenue was shared with the Federal Government receiving N233.017 billion, the State Governments N118.189 billion, and the Local Government Councils N91.119 billion. Additionally, N65.131 billion (13 percent mineral derivation revenue) was allocated to the benefiting States.
The communiqué highlighted notable changes in revenue components: there were significant increases in Companies Income Tax (CIT) and Petroleum Profit Tax (PPT), while Import and Excise Duties, Royalty on Crude and Gas, EMTL, CET Levies, and VAT recorded decreases.
The Excess Crude Account (ECA) balance stood at $473,754.57 as of May 2024.
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