A total of N1,143.210 trillion May 2024 Federation Accounts Revenue has been shared to the Federal Government, States and Local Government Councils in the country.
The amount was the total revenue generated in April 2024.
The Federation Accounts Allocation Committee (FAAC) stated this in a communiqué issued at the end of its latest meeting, according to a statement by the Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, on Monday.
The FAAC June 2024 meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
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According to Mokwa, the communiqué revealed that the N1,143.210 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.
The statement disclosed that total revenue of N2,324.792 billion was available in the month of May 2024. Total deduction for cost of collection was N76.647 billion while total transfers, interventions and refunds was N1,104.935 billion.
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It added that gross statutory revenue of N1,223.894 billion was received for the month of May 2024. This was lower than the sum of N1,233.498 billion received in the month of April 2024 by N9.604 billion.
“The gross revenue of N497.665 billion was available from the Value Added Tax (VAT) in May 2024. This was lower than the N500.920 billion available in the month of April 2024 by N3.255 billion.
“The communiqué confirmed that from the N1,143.210 billion total distributable revenue, the Federal Government received total sum of N365.813 billion, the State Governments received total sum of N388.419 billion and the Local Government Councils received total sum of N282.476 billion.
“A total sum of N106.502 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
“On the N157.183 billion distributable statutory revenue, the communiqué stated 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 sum 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.
The statement added that according to the communiqué, in the month of May 2024, 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.
It added that the balance in the ECA was $473,754.57.
Of the N1,143.210 trillion, Delta, Rivers and Akwa Ibom States got the highest allocations in May.
For example, Delta got N47.9 billion, Rivers, N36.1 billion and Akwa Ibom received N33.3 billion.
A breakdown:
Abia – 9.7BN
Adamawa: 8.6BN
Akwa Ibom: 33.3BN
Anambra: 11.7BN
Bauchi: 7.7BN
Bayelsa: 29.7BN
Benue: 10.2BN
Borno: 11.1BN
Cross River: 6.9BN
Delta: 47.9BN
Ebonyi: 7.8BN
Edo: 11.8BN
Ekiti: 7.5BN
Enugu: 8.9BN
Gombe: 7.4BN
Imo: 10.3BN
Jigawa: 10.5BN
Kaduna: 8.3BN
Kano: 14.8BN
Katsina: 10.5BN
Kebbi: 9.2BN
Kogi: 8.1BN
Kwara: 7.6BN
Lagos: 28.7BN
Nasarawa: 8.1BN
Niger: 9.3BN
Ogun: 6.7BN
Ondo: 11.6BN
Osun: 7.5BN
Oyo: 11.7BN
Plateau: 7.8BN
Rivers: 36.1BN
Sokoto: 9.2BN
Taraba: 9.3BN
Yobe: 8.2BN ‘
Zamfara: 8.3BN
