FAAC: FG, states, LGs share N1.2trn

This allocation from April 2024, shared during the May FAAC meeting, comprised various revenue streams, including distributable statutory revenue, Value Added Tax (VAT) revenue, Electronic Money Transfer Levy (EMTL) revenue, and Exchange Difference revenue.

The breakdown of the revenue distribution reveals that the Federal Government received N390.412 billion, state governments received N403.403 billion, and local government councils received N293.816 billion. Additionally, a sum of N120.450 billion was shared among the states as derivation revenue, representing 13% of mineral revenue.

From the distributable statutory revenue of N284.716 billion, the Federal Government received N112.148 billion, state governments received N56.883 billion, and local government councils received N43.855 billion. Furthermore, N71.830 billion was allocated to the benefiting states as derivation revenue.

Regarding VAT revenue, the Federal Government received N69.969 billion, state governments received N233.229 billion, and local government councils received N163.260 billion out of the N466.457 billion total. Similarly, the distribution of EMTL revenue and Exchange Difference revenue saw allocations to various tiers of government.

The communiqué issued by the FAAC highlighted significant increases in Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL, and CET Levies, while Import Duty and VAT recorded considerable decreases.

The balance in the Excess Crude Account (ECA) for April 2024 stood at $473,754.57, according to a statement issued on Thursday by Bawa Mokwa, Director of Press and Public Relations under the Office of the Accountant General of the Federation.