FAAC Allocates N1.2tn to FG, States and LGs In May

The federal, state, and local governments shared N1.2 trillion from the Federation Account Revenue for April 2024 during the FAAC meeting in Abuja in May 2024, according to information revealed by the Federation Allocation Allocation Committee.

This was revealed in a statement released on Thursday by Mr. Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant-General of the Federation.

According to the paper, the entire distributable revenue of N1.2 trillion was made up of N284.71 billion in distributable statutory income, N466.45 billion in distributable value added tax revenue, N18.02 billion in revenue from the Electronic Money Transfer Levy, and N438.88 billion in revenue from exchange differences.

A total of N2.19 trillion in revenue was available in April 2024.

Refunds, transfers, and interventions totaled N903.47 billion, of which N80.51 billion was deducted for collection costs.

For April 2024, gross statutory revenue of N1.23 trillion was collected.

This was N216.28 billion more than the total amount of N1.01 trillion received in March 2024.

The gross revenue available from the value-added tax in April 2024 was N500.92bn. This was lower than the N549.69bn available in March 2024 by N48.77bn.

The federal government received N390.41 billion, state governments received N403.40 billion, and local government councils received N293.81 billion of the N1.2 trillion in total distributable revenue.

The beneficiary states received N120.450 billion in total as derivation money, or 13% of mineral revenue.

According to the communiqué, the federal government received N112.14, state governments received N56.88 billion, and local governments received N43.855 billion of the N284.716 billion distributable statutory revenue. The beneficiary states received N71.83 billion, or 13% of the total revenue from minerals, as derivation money.

From the N466.45bn distributable value-added tax income, the federal government received N69.96bn, the state governments received N233.22bn, and the local governments received N163.26bn.

The FG got N2.704 billion in total from the N18.024 billion Electronic Money Transfer Levy. N6.30 billion was given to local governments, and N9.012 billion was given to state governments.

From the N438.88bn Exchange Difference income, the Federal Government earned N205.59bn in revenue. N80.39 billion was given to local governments, and N104.27 billion was given to state governments. The benefited states received N48.62 billion, or 13% of the mineral earnings, as derivation money. [CONTINUE READING HERE]