Thursday, June 20, 2024
spot_img
HomeLatestFAAC: FG, States, LGAs Get Boost, Share N1.2trn In May

FAAC: FG, States, LGAs Get Boost, Share N1.2trn In May

Lucky Obukohwo, Reporting

The local, state and the federal government which make up the three tiers of government have shared N1.208 trillion as May 2024 revenue disbursement from the Federation Accounts Allocation Committee (FAAC).

The figure is N1 billion above the N1.1trn that was disbursed in April.

The revenue was shared at the May 2024 meeting of the Federation Accounts Allocation Committee (FAAC), held in Abuja.

This was contained in a statement issued by Bawa Mokwa, Spokesperson, Office of Accountant-General of the Federation (OAGF) and made available to newsmen.

Mokwa said a communiqué issued by FAAC, revealed that the N 1.208 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.

Total revenue of N2.2 trillion was available in the month of April 2024. Total deduction for cost of collection was N80.517 billion; total transfers, interventions and refunds was N903.479 billion.

Gross statutory revenue of N1.233 trillion was received for the month of April 2024. This was higher than the sum of N1.02 trillion received in the month of March 2024 by N216.282 billion.

The gross revenue available from the Value Added Tax (VAT) in April 2024 was N500.920 billion. This was lower than the N549.698 billion available in the month of March 2024 by N48.778 billion.

The communique confirmed that from the N1.2 trillion 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.

N120.450 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N284.716 billion distributable statutory revenue, the communique 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.

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.

According to the communique, 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 balance in the ECA was $473,754.57.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

×