The Federation Accounts Allocation Committee (FAAC) has shared N1.14 trillion to the federal, states and local councils in the country as May 2024 revenue.
The money was shared at the June 2024 FAAC meeting, yesterday, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
A communiqué issued by FAAC revealed that the sum comprised distributable statutory revenue of N157.18 billion, distributable Value Added Tax (VAT) of N463.42 billion, Electronic Money Transfer Levy (EMTL) of N15.15 billion and Exchange Difference of N507.45 billion.
Total revenue of N2,324,792,000,000 was available in May 2024. The total deduction for the cost of collection was N76.64 billion, while total transfers, interventions and refunds were N1,104,935,000.
Gross statutory revenue of N1,223,894,000,000 was received for May. This was lower than the N1,233,498,000,000 received in April by N9.60 billion.
Gross revenue of N497.66 billion was available from VAT in May 2024. This was lower than the N500.92 billion available in April by N3.25 billion.
The communiqué confirmed that the Federal Government received N365.81 billion, the states N388.42 billion and the local councils N282.47 billion.
A total of N106.50 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation.
On the N157.18 billion distributable statutory revenue, the communiqué stated that the Federal Government received N61.01 billion, the states N30.94 billion and the local councils N23.86 billion, while N41.37 billion was as derivation revenue.
From VAT revenue, the Federal Government received N69.51 billion, the states N231.71 billion and the local councils N162.20 billion.
The balance in the Excess Crude Account (ECA) was $473,754.57.
