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FAAC: FG, States, LGCs Get N1.143trn For May

Federal Government, States and Local Government Councils (LGCs) have received the sum of N1.143 trillion, being their share of revenue from the Federation Accounts Allocation Committee (FAAC). 

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

A communiqué issued by the committee at the end of the meeting revealed that the N1.143 trillion total revenue comprised statutory revenue of N157.183 billion and Value Added Tax (VAT) revenue of N463.425 billion.

It was also inclusive of Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.

“The Federal Government received N69.514 billion, the state governments received N231.713 billion, and the LGCs received N162.199 billion from the N463.425 billion VAT revenue.

“A total sum of N2.272 billion was received by the Federal Government from the N15.146 billion EMTL, the state governments received N7.573 billion, and the LGCs received N5.301 billion,” it added.

The communique indicated that N2.324 trillion revenue was generated in month of May.
It reads:"Total deduction for cost of collection is N76.647 billion, while total transfers, interventions, and refunds is N1.104 trillion.

“Gross statutory revenue of N1.223 trillion was received for the month of May 2024. This was lower than the sum of N1,233 trillion received in the month of April by N9.604 billion."
The gross revenue of N497.665 billion was available from VAT in May, which was lower than the N500.920 billion available in April by N3.255 billion.

"From the N1.143 trillion total revenue, the Federal Government received N365.813 billion, the state governments received N388.419 billion, and the LGCs received N282.476 billion, "it added.

The committee noted that the sum of N41.371 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

On N157.183 billion statutory revenue, it indicated that the Federal Government got N61.010 billion, the state governments received N30.945 billion, and the LGCs got N23.857 billion.

The balance in the Excess Crude Account (ECA) is 473,754.57 dollars.

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