FG, states, LGs share N1.14tr in May revenue

President Bola Ahmed Tinubu (right); Lagos State Governor Babajide Sanwo-Olu; Senator Tokunbo Abiru; Senator Wasiu Eleshilokun and Minister of Finance and Economic Development, Mr Wale Edun during the President’s arrival at Presidential Wing of Muritala Mohammed International Airport for the official state visit to Lagos for the commissioning of projects…yesterday.

The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N1.143.210 trillion between the Federal Government, State, and Local Government Councils in the country from May 2024 Federation Accounts Revenue.

The revenue was shared at the June 2024 FAAC meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

A communiqué issued by FAAC revealed that the N1.143.210 trillion total distributable revenue comprised 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.

Total revenue of N2.324.792 trillion was available in May 2024. The total deduction for the cost of collection was N76.647 billion while the total transfers, interventions, and refunds were N1,104.935 billion.

Gross statutory revenue of N1.223.894 trillion was received for May 2024. This was lower than the sum of N1.233.498 trillion received in April 2024 by N9.604 billion.

The gross revenue of N497.665 billion was available from the Value Added Tax (VAT) in May 2024. This was lower than the N500.920 billion available in the month of April 2024 by N3.255 billion.

The communiqué confirmed that from the N1.143.210 trillion total distributable revenue, the Federal Government received total sum of N365.813 billion, the State Governments received total sum of N388.419 billion and the Local Government Councils received total sum of N282.476 billion.

A total sum of N106.502 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N157.183 billion distributable statutory revenue, the communiqué stated that the Federal Government received N61.010 billion, the State Governments received N30.945 billion and the Local Government Councils received N23.857 billion. The sum of N41.371 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

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

A total sum of N2.272 billion was received by the Federal Government from the N15.146 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.573 billion and the Local Government Councils received N5.301 billion.

From the N507.456 billion Exchange Difference revenue, the Federal Government received N233.017 billion, the State Governments received N118.189 billion and the Local Government Councils received N91.119 billion. A total sum of N65.131 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

According to the communiqué, in the month of May 2024, Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) increased significantly while Import and Excise Duties, Royalty Crude and Gas, Electronic Money Transfer Levy (EMTL), CET Levies and Value Added Tax (VAT) recorded considerable decreases.

The balance in the ECA was $473,754.57.