Federal Govt, States Share N1.21trn Revenue For May

A total sum of N1.21 trillion which came into the federation account in April, has been disbursed to federal, states and local government areas by the Federation Accounts Allocation Committee (FAAC) as monthly allocation for May.

The committee approved the sun for disbursement at its meeting on Thursday in Abuja. A communiqué issued by FAAC revealed that the N1,208.081 trillion total distributable revenue comprised distributable statutory revenue of N284.716 billion, distributable Value Added Tax (VAT) revenue of N466.457 billion, electronic money transfer levy revenue of N18.024 billion and exchange difference revenue of N438.884 billion.   

Total revenue of N2,192.077 trillion was available in the month of April 2024.  

Total deduction for cost of revenue collection was N80.517 billion; total transfers, interventions and refunds was N903.479 billion.   

Despite the increase in revenue, the balance in the Excess Crude Account remains at $473,754.57.

Gross statutory revenue of N1,233.498 billion was received for the month of April 2024. This was higher than the sum of N1,017.216 billion received in the month of March 2024 by N216.282 billion.  

The gross revenue available from the VAT in April 2024 was N500.920 billion.  This was lower than the N549.698 billion available in the month of March 2024 by N48.778  billion.   

The communiqué confirmed that from the N1,208.081 billion total distributable revenue, the federal government received a total sum of N390.412 billion, the State Governments received N403.403 billion and the local government areas received N293.816 billion. 

A total sum of N120.450 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue. 

On the N284.716 billion distributable statutory revenue, the communiqué stated that the Federal Government received N112.148  billion, the state governments received N56.883 billion and the LGAs received N43.855 billion. 

The sum of N71.830 billion (13 percent of mineral revenue) was shared to the benefiting States as derivation revenue. From that, FG got N69.969 billion; states, N233.229 billion and LGAs received N163.260 billion from the N466.457 billion distributable VAT revenue.

A total sum of N2.704 billion was paid to the federal government as part of the N18.024 billion that was generated from electronic transfer levy, while all the states got N9.012 billion, with the 774 local governments taking N6.308 billion.

Also, the federal government received N205.591 billion from the N438.884 billion that was received as revenue from exchange differential for the month of April. State governments received N104.279 billion and LGAs N80.394 billion.  The sum of N48.620 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue.