FG, states, councils share N1.2tr FAAC allocation in May

Federation Accounts Allocation Committee (FAAC) has disbursed N1.208 trillion to federal, state and local governments from the April 2024 federation account revenue.

The total amount disbursed at N1.208 trillion represents 55 per cent of the total revenue available of N2.192 trillion available in April 2024.

This is contained in a communiqué issued at the of the May 2024 FAAC meeting held in Abuja, yesterday. The total distributable revenue comprised 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.

Of the total revenue of N2.192 trillion available in April 2024, the total deduction for the cost of collection was N80.517 billion; the total transfers, interventions and refunds was N903.479 billion.

“Gross statutory revenue of N1.23 trillion was received for April 2024. This was higher than the sum of N1.017 trillion received in 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 March 2024 by N48.778 billion,” it stated.

The Federal Government, of the total distributable revenue, received a total sum of N390.412 billion, state governments received N403.403 billion, local councils received N293.816 billion, while a total sum of N120.450 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

On the N284.716 billion distributable statutory revenue, the communiqué stated that the Federal Government received N112.148 billion, state governments received N56.883 billion and local councils received N43.855 billion. The sum of N71.830 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

Also, the Federal Government received N69.969 billion, state governments received N233.229 billion, while local councils received N163.260 billion from the N466.457 billion distributable Value Added Tax (VAT) revenue.