FG, States, Councils Get N1.208trn Allocation for May 2024

May 18, 2024
federal allocation revenue

By Adedapo Adesanya

The Federation Account Allocation Committee (FAAC) has shared the sum of N1.208 trillion from the earnings generated in April 2024 to the federal government, states and Local Government Councils (LGCs) as their share of revenue allocation in May 2024.

The revenue was shared on Thursday at the FAAC meeting for this month in Abuja.

A communiqué issued by the committee said the N1.208 trillion total distributable revenue comprised statutory revenue of N284.716 billion, 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.

The communiqué said the total revenue of N2.192 billion was available in the month of April.

“Total deduction for cost of collection is N80.517 billion; total transfers, interventions and refunds is N903.479 billion.

It said the Gross statutory revenue of N1.233 billion was received for the month under review, higher than the sum of N1.017 billion received in the month of March by N216.282 billion,” adding that the gross revenue available from VAT in April was N500.920 billion, lower than the N549.698 billion available in March by N48.778 billion.

The notice further stated that from the N1.208 trillion total distributable revenue, the federal government received N390.412 billion, the state governments received N403.403 billion and the LGCs received N293.816 billion, while N120.450 billion was shared to a few states as 13 per cent of mineral revenue.

It said that on the N284.716 billion distributable statutory revenue, the federal government got N112.148 billion, the state governments were given N56.883 billion and the LGCs received N43.855 billion, while N71.830 billion was given to a few states as 13 per cent of mineral revenue.

“The federal government received N69.969 billion, the state governments received N233.229 billion and the LGCs received N163.260 billion from the N466.457 billion distributable VAT revenue.

“The sum of N2.704 billion was received by the federal government from the N18.024 billion EMTL, the state governments received N9.012 billion and the LGCs 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 LGCs received N80.394 billion.

“The sum of N48.620 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

According to the communiqué, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL and CET Levies increased significantly, but Import Duty and VAT recorded considerable decreases, while the balance in the Excess Crude Account (ECA) was $473.754 million.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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