FAAC: FG, States, LGs share N1.1trn for May

Three levels of government have received N1.143 trillion from the Federation Accounts Allocation Committee.

Following this evening’s committee meeting in Abuja, a statement said that the money came from N2.324 trillion in May Federation Accounts income.

Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun presided over the FAAC meeting.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 made up the N1.143 trillion total distributable revenue, according to the communiqué.While total transfers, interventions, and refunds came to N1,104.935 billion, the cost of collection was deducted in total of N76.647 billion.

The month of May brought in gross statutory income of N1.223 trillion.

This came in N9.604 billion less than the N1.233 trillion collected in April of the previous year.

May 2024 saw the Value Added Tax (VAT) generating gross revenue of N497.665 billion. This was also N3.255 billion less than the N500.920 billion made available in April 2024.The statement revealed that the Federal Government received N365.813 billion, the State Governments received N388.419 billion, and the Local Government Councils received N282.476 billion out of the N1.143 trillion total distributable revenue.As derivation money, the benefited oil producing states received N106.502 billion, or 13% of mineral revenue.

The communiqué said that of the N157.183 billion distributable statutory revenue, N61.010 billion went to the Federal Government, N30.945 billion to the State Governments, and N23.857 billion to the Local Government Councils. Shared as derivation money with the benefitting States was N41.371 billion, or 13% of mineral revenue.

Out of the N463.425 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N69.514 billion, the State Governments received N231.713 billion, and the Local Government Councils received N162.199 billion.

The N15.146 billion Electronic Money Transfer Levy (EMTL) brought in N2.272 billion for the Federal Government. N7.301 billion went to the Local Government Councils and N7.573 billion to the State Governments.

The Federal Government received N233.017 billion, State Governments received N118.189 billion, and Local Government Councils received N91.119 billion from the N507.456 billion Exchange Difference revenue. As derivation income, the beneficiary States received N65.131 billion, or 13% of mineral revenue.

The announcement states that while Import and Excise Duties, Royalty Crude and Gas, Electronic Money Transfer Levy (EMTL), CET Levies, and Value Added Tax (VAT) saw notable declines in May, Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) increased significantly. The ECA balance was stated to be $473,754.57.

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