The Federation Account Allocation Committee (FAAC) has shared a total sum of N 1,152.756 billion the Federal Government, States and Local Government Councils out of the revenues that accrued to the Federation Account in February this year
The revenue was shared at the March 2024 FAAC meeting chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
According to a communiqué issued by the Committee on the decisions taken at the meeting, the N 1,152.756 billion total distributable revenue comprised Statutory Revenue of N101.349 billion, Value Added Tax (VAT) revenue of N428.806 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.157 billion and Exchange Difference revenue of N607.444 billion.
In the month under review, the Committee disclosed that the total revenue of N2,326.149 billion was available in the month of February 2024 and that total deduction for cost of collection was N66.456 billion; total transfers, interventions and refunds was N856.937 billion and savings was N250.000 billion.
It clarified that the gross statutory revenue of N1,192.428 billion was received for the month, higher than the sum of N1,151.808 billion generated in the preceding month by N40.620 billion while gross revenue from VAT was N460.487 billion, which was also higher than the N420.733 billion generated from the source in the month of January 2024 by N39.755 billion.
The communiqué stated that out of the total sum of N1,152.756 billion total distributable revenue, the Federal Government got N352.409 billion, the State Governments received N366.950 billion and the Local Government Councils shared N267.153 billion while N166.244 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
The FAAC further stated that from the N101.349 billion distributable statutory revenue, the Federal Government received N7.351 billion, the State Governments shared N3.729 billion and the Local Government Councils got N2.875 billion just as the sum of N87.394 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
A further analysis of the communiqué showed that the Federal Government got N64.321 billion, the State Governments shared N214.403 billion and the Local Government Councils received N150.082 billion from the N428.806 billion distributable VAT revenue.
In addition, the FAAC’s figures indicated that out of the N15.157 billion Electronic Money Transfer Levy (EMTL) generated in the month, the Federal Government received N2.274 billion, the State Governments got N7.578 billion while the Local Government Councils received N5.305 billion.
Also, the communiqué indicated that the Federal Government got N278.463 billion from the N 607.444 billion Exchange Difference revenue compared with the State Governments’ N141.240 billion and the Local Government Councils’ N108.891 billion.
It also showed that the sum of N78.850 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
In the month under review, the FAAC disclosed that Petroleum Profit Tax (PPT), Import Duty, Excise Duty, Value Added Tax (VAT) and CET Levies significantly increased while Oil and Gas Royalties marginally increased.
Conversely, the Committee reported that Companies Income Tax (CIT) and Electronic Money Transfer Levy (EMTL) recorded considerable decreases.
The communiqué reflected that the balance in the ECA stood at $473,754.57 as at the date of the FAAC’s meeting.
