Daud Olatunji
The Federation Accounts Allocation Committee (FAAC) announced that a total sum of N1.143 trillion was distributed to the Federal Government, States, and Local Government Councils for May 2024.
This information was disclosed in a communiqué issued following the FAAC’s latest meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The communiqué, signed by the Director of Press and Public Relations at the Office of the Accountant General of the Federation, Bawa Mokwa, detailed the breakdown of the revenue.
The total distributable revenue included N157.183 billion from statutory revenue, N463.425 billion from Value Added Tax (VAT), N15.146 billion from the Electronic Money Transfer Levy (EMTL), and N507.456 billion from Exchange Difference revenue.
For May 2024, the total revenue available was N2.324 trillion. After deductions, including N76.647 billion for the cost of collection and N1.104 trillion for transfers, interventions, and refunds, the distributable amount was finalized.
Notably, the gross statutory revenue received for May was N1.223 trillion, a slight decrease from the N1.233 trillion collected in April 2024.
The communiqué highlighted that the gross revenue from VAT in May 2024 was N497.665 billion, slightly down from April’s N500.920 billion.
The distribution of the N1.143 trillion total distributable revenue was as follows: the Federal Government received N365.813 billion, the States received N388.419 billion, and Local Government Councils received N282.476 billion.
Additionally, N106.502 billion, representing 13% of mineral revenue, was allocated to the benefiting States as derivation revenue.
The breakdown of the N157.183 billion distributable statutory revenue revealed that the Federal Government received N61.010 billion, the States received N30.945 billion, and Local Government Councils received N23.857 billion, with N41.371 billion shared to States as derivation revenue.
From the N463.425 billion distributable VAT revenue, the Federal Government received N69.514 billion, the States received N231.713 billion, and Local Government Councils received N162.199 billion.
The Federal Government also received N2.272 billion from the N15.146 billion EMTL, with States getting N7.573 billion and Local Government Councils receiving N5.301 billion.
The N507.456 billion Exchange Difference revenue was distributed with the Federal Government receiving N233.017 billion, the States N118.189 billion, and Local Government Councils N91.119 billion.
An additional N65.131 billion was allocated to States as derivation revenue.
The communiqué also noted significant increases in Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) for May 2024.
However, Import and Excise Duties, Royalty on Crude and Gas, EMTL, CET Levies, and VAT saw notable decreases.
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