The Federation Accounts Allocation Committee (FAAC) on Thursday disclosed that N1,208.081 billion was shared to the Federal Government, States and Local Government Councils in April this year from the revenue accruals to the Federation Account
The revenue was shared to the tiers of government at the Federation Accounts Allocation Committee (FAAC) at its May 2024 meeting held in Abuja.
A communiqué issued by the committee at the conclusion of its May 2024 meeting held in Abuja showed that the N 1,208.081 billion total distributable revenue comprised distributable statutory revenue of N284.716 billion, distributable Value Added Tax (VAT) revenue of N466.457 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion and Exchange Difference revenue of N438.884 billion.
According to the FAAC, N2,192.077 billion was available as total revenue of the month of April while total deduction for cost of collection was N80.517 billion; total transfers, interventions and refunds stood at N903.479 billion.
It further clarified that N1,233.498 billion was received by the tiers of government as gross statutory revenue for the month under review, representing N216.282 billion improvement over the sum of N1,017.216 billion they received in March 2024.
The FAAC also disclosed that the gross revenue available from the Value Added Tax (VAT) in April 2024 was N500.920 billion, lower than the N549.698 billion available in the preceding month by N48.778 billion.
The communiqué indicated that from the N1,208.081 billion total distributable revenue, the Federal Government received a total sum of N390.412 billion, the State Governments received N403.403 billion and the Local Government Councils received N293.816 billion.
Similarly, the committee disclosed that a total sum of N120.450 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
It further clarified: “On the N284.716 billion distributable statutory revenue, the communiqué stated that the Federal Government received N112.148 billion, the State Governments received N56.883 billion and the Local Government Councils received N43.855 billion. The sum of N71.830 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
“The Federal Government received N69.969 billion, the State Governments received N233.229 billion and the Local Government Councils received N163.260 billion from the N466.457 billion distributable Value Added Tax (VAT) revenue.
“A total sum of N2.704 billion was received by the Federal Government from the N18.024 billion Electronic Money Transfer Levy (EMTL). The State Governments received N9.012 billion and the Local Government Councils received N6.308 billion.
“The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue. The State Governments received N104.279 billion and the Local Government Councils received N80.394 billion. The sum of N48.620 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue”, the FAAC added.
According to the communiqué, in the month of April 2024, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL) and CET Levies increased significantly while Import Duty and Value Added Tax (VAT) recorded considerable decreases.
The committee confirmed that as of the date of its meeting in May, the balance in the ECA stood at $473,754.57.
