JUST IN: FG, States And LGAs Share ₦1.1TN In May As FAAC Revenue Drops By ₦9.6BN
The Federation Accounts Allocation Committee revenue has dropped by ₦9.604 billion as the Nigeria Federal Government, States and Local Governments shared ₦1.143 trillion in May 2024.
The communiqué showed that the ₦1.143 trillion total distributable revenue comprised distributable statutory revenue of ₦157.183 billion, distributable Value Added Tax (VAT) revenue of ₦463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of ₦15.146 billion and Exchange Difference revenue of ₦507.456 billion.
The communique stated that the Total deduction for the cost of collection was ₦76.647 billion while total transfers, interventions and refunds were ₦1,104.935 billion.
Gross statutory revenue of ₦1.223 trillion was received in May.
FAAC revenue in May is lower than the sum of ₦1.149.816 trillion received in the preceding month of April by ₦9.604 billion.
The gross revenue of ₦497.665 billion was available from the Value Added Tax (VAT) in May 2024. This was also lower than the ₦500.920 billion available in April 2024 by ₦3.255 billion.
Accordingly, the Federal Government received ₦69.514 billion, the State Governments received ₦231.713 billion and the Local Government Councils received ₦162.199 billion from the ₦463.425 billion distributable Value Added Tax (VAT) revenue.
A total of ₦2.272 billion was received by the Federal Government from the ₦15.146 billion Electronic Money Transfer Levy (EMTL). The State Governments received ₦7.573 billion and the Local Government Councils received ₦5.301 billion.
From the ₦507.456 billion Exchange Difference revenue, the Federal Government received ₦233.017 billion, the State Governments received ₦118.189 billion and the Local Government Councils received ₦91.119 billion. A total sum of ₦65.131 billion (13 percent of mineral revenue) was shared with the benefiting States as derivation revenue.
The communique stated that 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.