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FAAC: FG, states, LGAs shared N1.2trn in April — up by N85bn

DMO: Nigeria's public debt now N97trn, rose by N9trn in Q4 2023 DMO: Nigeria's public debt now N97trn, rose by N9trn in Q4 2023

The federation account allocation committee (FAAC) says the three tiers of government shared N1.2 trillion in April.

This was contained in a communiqué issued at the end of the FAAC meeting for May 2024 by Bawa Mokwa, director of press and public relations in the office of the accountant-general of the federation (OAGF), on Thursday.

The figure represents an increase of N85 billion compared to the N1.12 trillion shared in March.

FAAC said the allocation comprises distributable statutory revenue of N284 billion, distributable value-added tax (VAT) revenue of N466 billion, electronic money transfer levy (ETML) revenue of N18 billion, and exchange difference revenue of N438 billion.

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The committee said the total revenue of N2.1 trillion was available in the month of April 2024, adding that the total deduction for the cost of collection was N80 billion; total transfers, interventions and refunds was N903 billion.

A gross statutory revenue of N1.2 trillion was received for April, representing N216 billion higher than the sum of N1.01 billion received in March.

For VAT, the gross revenue was put at N500 billion, compared to N549 billion available in March — a difference of N48 billion.

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The communiqué confirmed that from the N1.2 trillion total distributable revenue, the federal government received N390 billion, states got N403 billion and the local governments received N293 billion.

A total sum of N120 billion was shared with the benefiting states as 13 percent derivation revenue.

From the distributable statutory revenue of N284 billion, the communiqué stated that the federal government received N112 billion, states got N56 billion and the local governments received N43 billion., while N71 billion was given to the benefiting states as derivation revenue.

FAAC further said from the N466 billion distributable VAT revenue, the federal government received N69 billion, states received N233 billion and local governments got N163 billion.

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A total sum of N2.704 billion was received by the federal government from the N18 billion EMTL, states received N9 billion and local governments received N6 billion.

According to the committee, out of the exchange difference revenue of N438 billion, the federal government got N205 billion, states got N104 billion, and N80 billion was handed to local governments.

The sum of N48 billion was shared with the benefiting states as 13 percent derivation revenue.

In addition, FAAC said oil and gas royalties, companies’ income tax (CIT), excise duty, petroleum profit tax (PPT), EMTL and CET Levies increased significantly in April.

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However, import duty and VAT recorded considerable decreases.

FAAC also said the balance in the excess crude account (ECA) for April was $473,754.

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