News

June 10, 2024

FAAC: FG, States &  LGs share N1.1trn 

Wale Edun

Finance and Coordinating Minister of the Economy, Wale Edun

Emma Ujah, Abuja Bureau Chief 

The Federation Accounts Allocation Committee has shared the sum of N1.143 trillion to the three tiers of government.

A communique issued at the end of the committee’s meeting in Abuja, this evening,  indicated that the funds were from May Federation Accounts revenue which stood at N2.324 trillion.

The FAAC meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr  Wale Edun.

  

The communiqué showed that the N1.143 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 deduction for cost of collection was N76.647 billion while total transfers, interventions and refunds was N1,104.935 billion.   

Gross statutory revenue of N1.223 trillion was received in the month of May.

 This was lower than the sum of N1.233 trillion received in the preceding month of April by N9.604 billion.  

The gross revenue of N497.665 billion was available from the Value Added Tax (VAT) in May 2024.  This was also 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 trillion total distributable revenue, the Federal Government received a total sum of N365.813 billion, the State Governments received the sum of N388.419 billion, while the Local Government Councils received a  total of N282.476 billion.

 

The sum of N106.502 billion (13% of mineral revenue) was shared to the benefiting oil producing states as derivation revenue. 

On the N157.183 billion distributable statutory revenue, the communiqué indicated 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 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, 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 put at  $473,754.57