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HomeTop NewsFAAC allocates N1.14 trln to three tiers of government from May revenue

FAAC allocates N1.14 trln to three tiers of government from May revenue

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The Federation Account Allocation Committee (FAAC) announced that the three tiers of the Nigerian government shared a total of N1.14 trillion for the month of May, reflecting a N60 billion drop from the N1.20 trillion allocated in April.

This announcement came via a communiqué issued at FAAC’s June meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The total revenue of N1.14 trillion comprised statutory revenue of N157 billion and value-added tax (VAT) revenue of N463 billion.

Additional sources included electronic money transfer levy (EMTL) revenue of N15 billion and exchange difference revenue of N507 billion. FAAC reported that a total revenue of N2.32 trillion was available in May.

“Total deduction for cost of collection is N76.647 billion, while total transfers, interventions, and refunds is N1.104 trillion,” the communiqué noted.

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It further stated that gross statutory revenue for May 2024 stood at N1.223 trillion, slightly lower than the N1.233 trillion received in April by N9.6 billion.

Gross revenue from VAT in May was N497 billion, compared to N500 billion in April. The breakdown of the N1.14 trillion revenue showed that the federal government received N365 billion, states received N388 billion, and local governments received N282 billion. Additionally, N106 billion was distributed to states as 13% derivation revenue.

From the N157.183 billion in statutory revenue, the federal government received N61 billion, states received N30.9 billion, and local governments received N23.8 billion. An additional N41.371 billion from mineral revenue was shared with states as derivation revenue.

The distribution of VAT revenue of N463 billion saw the federal government receiving N69 billion, states N231 billion, and local governments N162 billion. Furthermore, from the N15 billion EMTL, the federal government received N2.2 billion, states N7.5 billion, and local governments N5.3 billion.

The communiqué also highlighted significant increases in companies income tax (CIT) and petroleum profit tax (PPT), while noting considerable decreases in import and excise duties, royalty crude and gas, EMTL, CET levies, and VAT.

FAAC confirmed that the balance in the excess crude account remained at $473.754 million.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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