FG, States, LGs share N1.2trn April revenue

The Federation Account Allocation Committee (FAAC) on Thursday shared N1.208 trillion Federation Account Revenue to the federal, states and local governments for the month of April.

The amount is higher than the N1.123 trillion shared in the preceding month of in March.

A communique issued by the FAAC at its May, 2024 meeting in Abuja said that the N1.208 billion total distributable revenue comprised statutory revenue of N284.716 billion, Value Added Tax (VAT) revenue of N466.457 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion, and Exchange Difference revenue of N438.884 billion.

The communique stated total a revenue of N2.192 billion was available in the month of April.

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

Gross statutory revenue of N1.233 billion was received for the month of April 2024. This was higher than the sum of N1.017 billion received in the month of March 2024 by N216.282 billion,” it said.

The gross revenue available from VAT in April was N500.920 billion, which is lower than the N549.698 billion available in March by N48.778 billion.

From the N1.208 billion total distributable revenue, the Federal Government received N390.412 billion, the state governments received N403.403 billion and the LGCs received N293.816 billion.

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

On the N284.716 billion distributable statutory revenue, the Federal Government received N112.148 billion, the state governments received N56.883 billion and the Local Governments received N43.855 billion.

The sum of N71.830 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

The Federal Government received N69.969 billion, the state governments received N233.229 billion and the LGCs received N163.260 billion from the N466.457 billion distributable VAT revenue.

The sum of N2.704 billion was received by the Federal Government from the N18.024 billion EMTL, the state governments received N9.012 billion and the Local Governments received N6.308 billion.

The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue; the state governments received N104.279 billion, and the Local Governments received N80.394 billion.

The sum of N48.620 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

The Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL and CET Levies increased significantly, while Import Duty and VAT recorded considerable decreases.

The balance in the Excess Crude Account (ECA) remains static at $473,754.57