The Federal Account Allocation Committee (FAAC) has disbursed a total sum of N1.14 trillion to the Federal Government, States and Local Government Councils.
The total sum was shared during the Committee meeting chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy in Abuja on Monday.
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As contained in a communiqué issued at the end of the meeting, the N1.14 trillion total distributable revenue comprised distributable statutory revenue of N157.183 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.
The Federal government, of the N157.183 billion distributable statutory revenue, received N61.010 billion, the State Governments received N30.945 billion and the Local Government Councils received N23.857 billion.
While the sum of N41.371 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
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Also, 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 received N233.017 billion, the State Governments received N118.189 billion and the Local Government Councils received N91.119 billion. A total sum of N65.131 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue,” it stated.
A total revenue of N2.32 trillion was available in the month of May 2024. Of which total deduction for cost of collection was N76.647 billion while total transfers, interventions and refunds was N1.1 trillion.
Also, a gross statutory revenue of N1.22 trillion was received for the month, lower than the sum of N1.23 billion received in the month of April 2024.
From the N507.456 billion Exchange Difference revenue, the Federal Government received N233.017 billion, the State Governments received N118.189 billion and the Local Government Councils received N91.119 billion.
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A total sum of N65.131 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue while the balance in the Excess Crude Account was $473,754.57.
