April Allocation: FAAC Shares N1.2Trn To FG, States, LGAs

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BY BLESSING NKEREUWEM – The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.208 trillion to the Federal Government, States, and Local Government Councils as the April 2024 monthly allocation from the Federation Account.

Arising from its May 2024 meeting, FAAC detailed in a  communiqué that the total distributable revenue consisted of N284.716 billion from statutory revenue, N466.457 billion from Value Added Tax (VAT), N18.024 billion from the Electronic Money Transfer Levy (EMTL), and N438.884 billion from Exchange Difference revenue.

According to the communiqué, the April 2024 saw a total revenue of N2.192 trillion, with N80.517 billion deducted for collection costs and N903.479 billion allocated for transfers, interventions, and refunds.

This is as the gross statutory revenue for April stood at N1.233 trillion, an increase of N216.282 billion from the N1.017 trillion recorded in the month of March 2024.

However, the VAT revenue decreased to N500.920 billion from the sum of N549.698 billion receipted in March.

The communique further explained that the total N1.208 trillion distributable revenue, the Federal Government received N390.412 billion, State Governments N403.403 billion, and Local Government Councils N293.816 billion.

In same vein, N120.450 billion, representing 13 percent of mineral revenue, was allocated to States as derivation revenue.

Specifically, from the N284.716 billion statutory revenue, the Federal Government received N112.148 billion, State Governments N56.883 billion, and Local Governments N43.855 billion, with N71.830 billion distributed as derivation revenue.

Federal Government received N69.969 billion, State Governments N233.229 billion, and Local Governments N163.260 billion from the VAT revenue distribution.

From the N18.024 billion EMTL, the Federal Government received N2.704 billion, State Governments N9.012 billion, and Local Governments N6.308 billion.

From the N438.884 billion Exchange Difference revenue, the Federal Government received N205.591 billion, State Governments N104.279 billion, and Local Governments N80.394 billion, with N48.620 billion allocated as derivation revenue.

Importantly, the communiqué also highlighted 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 decreases.

Meanwhile, the communique also explained that balance in the Excess Crude Account (ECA) currently stands at $473,754.57

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