NewsFAAC Shares N1.2trn April Revenue To FG, States, LGs

FAAC Shares N1.2trn April Revenue To FG, States, LGs

May 16, (THEWILL)- The Federation Allocation Account Committee (FAAC) has shared a total sum of N1,208.081 billion to the Federal, States and Local Government Councils as April 2024 Federation Account Revenue.

Mohammed Manga, the Director, Information and Public Relations, Federal Ministry of Finance, in a statement on Thursday, said the allocation was shared at the May 2024 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

“From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received N390.412 billion, the States received N403.403 billion, the Local Government Councils got N293.816 Billion, while the Oil Producing States received N120.450 billion as Derivation, (13percent of Mineral Revenue).

“The sum of N80.517 billion was given for the cost of collection, while N903.479 billion was allocated for Transfers Intervention and Refunds”, the statement added.

A communiqué issued by the FAAC at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of April 2024, was N500.920 billion as against N549.698 billion distributed in the preceding month, resulting in a decrease of  N48.778 billion.

From that amount, the sum of N20.037 billion was allocated for the cost of collection and the sum of N14.426 Billion given for Transfers, Intervention and Refunds. The remaining sum of N466.457 billion was distributed to the three tiers of government, of which the Federal Government got N69.969 billion, the States received N233.229 billion, Local Government Councils got N163.260 billion.

Accordingly, the Gross Statutory Revenue of N1.23 trillion received for the month was higher than the sum of N1,017.216 trillion received in the previous month of March 2024, by N216.282 billion. From the stated amount, the sum of N59.729 billion was allocated for the cost of collection and a total sum of N889.053 billion for Transfers, Intervention and Refunds.

The remaining balance of N284.716 billion was distributed to the three tiers of government as follows: Federal Government got the sum of N112.148 billion, States received N56.883 billion, the sum of N43.855 billion was allocated to LGCs  and N71.830 billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N18.775 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.704 billion, States got N9.012 billion, Local Government Councils received N6.308 billion, while N0.751 billion was allocated for Cost of Collection.

The Communiqué also disclosed the sum of N438.884 billion from Exchange Difference, which was shared as follows: Federal Government received N205.591 billion, States got N104.279 billion, the sum of N80.394 billion was allocated to Local Government Councils, while N48.620 Billion was given for Derivation (13% of Mineral Revenue).

Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty,  Petroleum Profit Tax (PPT), Customs External Tariff levies (CET) and  Electronic Money Transfer Levy (EMTL) increased significantly, while Import Duty and Value Added Tax (VAT) recorded considerably decreases.

According to the Communiqué, the total revenue distributable for the current month of April 2024, was drawn from Statutory Revenue of N284.716 billion, Value Added Tax (VAT) of N466.457 billion, N18.024 billion from Electronic Money Transfer Levy (EMTL), and N438.884 billion from Exchange Difference, bringing the total distributable amount for the month to N1,208.081 trillion.

The balance in the Excess Crude Account (ECA) as at May 2024, stands at $473,754.57.

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