The Federation Account Allocation Committee, (FAAC), shared a total sum of N1,208.081 trillion to the three tiers of government as Federation Allocation for the month of April, 2024, from a gross total of N2,192.007 trillion.
?According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who disclosed this after ?chairing the FAAC May 2024 meeting, stated that from the amount, inclusive of Gross Statutory Revenue, Value-Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received N390.412bn, the States received N403.403bn, the Local Government Councils (LGCs) got N293.816bn, while the Oil Producing States received N120.450bn as Derivation, (13% of Mineral Revenue).
He said, the sum of N80.517bn was given for the cost of collection, while N903.479bn was allocated for Transfers Intervention and Refunds.
The Communiqué, issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value-Added Tax (VAT) for the month of April 2024, was N500.920bn as against N549.698bn distributed in the preceding month, resulting in a decrease of N48.778bn.
From that amount, the sum of N20.037bn was allocated for the cost of collection, and the sum of N14.426bn given for Transfers, Intervention and Refunds. The remaining sum of N466.457bn was distributed to the three-tiers of Government, of which the Federal Government got N69.969bn, the States, N233.229bn and LGCs got N163.260bn.
Accordingly, the Gross Statutory Revenue of N1,233.498 trillion received for the month was higher than the sum of N1,017.216 trillion received in the previous month of March 2024 by N216.282bn. From the stated amount, the sum of N59.729bn was allocated for the cost of collection and a total sum of N889.053bn for Transfers, Intervention and Refunds.
The remaining balance of N284.716bn was distributed as follows to the three-tiers of Government: Federal Government got the sum of N112.148bn, States received N56.883bn, the sum of N43.855bn was allocated to LGCs and N71.830bn was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N18.775bn from Electronic Money Transfer Levy (EMTL) was distributed to the 3- tiers of government as follows: the Federal Government received N2.704bn, States got N9.012bn, LGCs received N6.308bn, while N0.751bn was allocated for Cost of Collection.
The communiqué also disclosed the sum of N438.884bn from Exchange Difference, which was shared as follows: Federal Government received N205.591bn; States got N104.279bn; the sum of N80.394bn was allocated to LGCs, while N48.620bn was given for Derivation (13% of Mineral Revenue).
Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Customs External Tarrif levies (CET) and
Electronic Money Transfer Levy (EMTL) increased significantly, while Import Duty and VAT recorded considerably decreases.
According to the communiqué, the total revenue distributable for the current month of April 2024, was drawn from Statutory Revenue of N284.716bn, VAT – N466.457bn, N18.024bn from Electronic Money Transfer Levy (EMTL), and N438.884bn from Exchange Difference, bringing the total distributable amount for the month to N1,208.081 trillion.
The balance in the Excess Crude Account (ECA) as of May 2024 stands at $473,754.57.
