May 2024 Allocation: FG, States, LGs Share N1.14Trn

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BY EDMOND ODOK – Amid their inability to agree on a reasonable figure as minimum wage for Nigerian workers, the Federal Government, States and Local Government Councils in the country are again smiling to the banks with a total sum of N1,143.210 billion as the May 2024 revenue from the Federation Accounts.

A communiqué issued by the Federation Accounts Allocation Committee (FAAC) indicated that the N1,143.210 billion total distributable revenue comprised distributable statutory revenue of N 157.183 billion, distributable Value Added Tax (VAT) revenue of N463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.

According to the communique, the revenue distribution took place during June 2024 FAAC meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun

It further stated that N2,324.792 billion was available as total revenue in the month of May 2024 with N76.647 billion as total deduction for cost of collection and N1,104.935 billion as total transfers, interventions and refunds.

Conveying further information on the FAAC outcome, Director of Press and Public Relations in the OAGF, Bawa Mokwa, said gross statutory revenue of N1,223.894 billion came into the purse for the month, adding that this figure was N9.604 billion lower than the sum of N1,233.498 billion collected in the month of April 2024.

The statement by Mokwa further explained that the gross revenue of N497.665 billion was available from the Value Added Tax (VAT), representing about N3.255 billion lower than the N500.920 billion available in the month of April 2024.

It was also confirmed that from the N1,143.210 billion total distributable revenue, the Federal Government got N365.813 billion; the State Governments got N388.419 billion while the Local Government Councils went home with N282.476 billion.

For the oil producing states, a total sum of N106.502 billion (13 percent of mineral revenue) was distributed as derivation revenue to the beneficiaries.

On the N157.183 billion distributable statutory revenue, the communiqué stated that the Federal Government received N61.010 billion, the State Governments received N30.945 billion and the Local Government Councils received N23.857 billion. The sum of N41.371 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

The Federal Government received N69.514 billion, the State Governments received N231.713 billion and the Local Government Councils received N162.199 billion from the N463.425 billion distributable Value Added Tax (VAT) revenue.

A total sum of N2.272 billion was received by the Federal Government from the N15.146 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.573 billion and the Local Government Councils received N5.301 billion.

From the N507.456 billion Exchange Difference revenue, the Federal Government got N233.017 billion, the State Governments received N118.189 billion while N91.119 billion went to the Local Government Councils.

A total sum of N65.131 billion (13 percent of mineral revenue) was distributed to the benefiting States as derivation revenue.

Similarly, the month witnessed significant increase in Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) while Import and Excise Duties, Royalty Crude and Gas, Electronic Money Transfer Levy (EMTL), CET Levies and Value Added Tax (VAT) all recorded considerable decreases.

Meanwhile, the statement also said that current balance in the Excess Crude Account (ECA) stands at $473,754.57

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