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The Federation Accounts Allocation Committee (FAAC) distributed N1.208 trillion in revenue to the Federal Government, States, and Local Government Councils for May 2024 from April revenue allocation.
This figure represents an increase from the N1.017 trillion distributed in March 2024.
The total distributable revenue of N1.208 trillion was made up of: distributable statutory revenue, N284.716 billion; distributable Value Added Tax (VAT) revenue, N466.457 billion; Electronic Money Transfer Levy (EMTL) revenue, N18.024 billion and exchange rate differential revenue, N438.884 billion.
While the total revenue available in April 2024 was N2.192 trillion, deductions for cost of collection (N80.517 billion) and transfers, interventions, and refunds (N903.479 billion) resulted in the N1.208 trillion distributable amount.
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Gross statutory revenue increased by N216.282 billion from N1.017 trillion to N1.233 trillion. Value Added Tax (VAT) decreased by N48.778 billion from N549.698 billion to N500.920 billion.
Distribution among the three tiers of government was: Federal Government, N390.412 billion; State Governments, N403.403 billion and Local Government Councils, N293.816 billion. Additionally, N120.450 billion (13% of mineral revenue) was distributed to beneficiary states as 13 percent 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 Local Government Councils received N43.855 billion. The sum of N71.830 billion (13% 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 Local Government Councils received N163.260 billion from the N466.457 billion distributable Value Added Tax (VAT) revenue.
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A total sum of N2.704 billion was received by the Federal Government from the N18.024 billion Electronic Money Transfer Levy (EMTL). The State Governments received N9.012 billion and the Local Government Councils 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 Government Councils received N80.394 billion. The sum of N48.620 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The communiqué noted significant increases in Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL), and CET Levies, while Import Duty and Value Added Tax (VAT) saw considerable decreases.
The communiqué also reported that the balance in the Excess Crude Account (ECA) still stands at $473,754.57 as of the end of April 2024.
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