*Nigeria鈥檚 Federation Account Allocation Committee discloses from the N1,208.081 billion total distributable revenue for April 2024, the Federal Government received a total sum of N390.412 billion, the State Governments received N403.403 billion and the Local Government Councils received N293.816 billion

Isola Moses | 绿帽献妻

Nigeria鈥檚 Federation Accounts Allocation Committee (FAAC) says it disbursed a total N1,208.081 billion as April 2024 Federation Account Revenue to the Federal Government, 36 States and 774 Local Government Councils (LGCs) and the FCT.

The Federation Account Allocation Committee (FAAC) says it disbursed a total of The allocation, shared during the May 2024 FAAC meeting comprised distributable statutory revenue of N284.716 billion, distributable Value Added Tax (VAT) revenue of N466.457 billion, Electronic Money Transfer Levy (ETML) revenue of N18.024 billion, and exchange difference revenue of N438.884 billion.

Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant General of the Federation (AoGF), in a communiqu茅 issued Thursday, May 6, 2024, at the end of the Federation Account Allocation Committee (FAAC) meeting for April this year, in Abuja, FCT, also disclosed the balance in the Excess Crude Account (ECA) for last month was put at $473,754.57.

It also stated the total revenue of N2,192.077 billion was available April 2024; total deduction for cost of collection was N80.517 billion; total transfers, interventions and refunds was N903.479 billion.

Gross statutory revenue of N1,233.498 billion was received for the month of April 2024. This was higher than the sum of N1,017.216 billion received in the month of March 2024 by N216.282 billion.

The gross revenue available from the Value Added Tax (VAT) in April 2024 was N500.920 billion.聽 This was lower than the N549.698 billion available in the month of March 2024 by N48.778 billion.

The communiqu茅 equally confirmed that from the N1,208.081 billion total distributable revenue, the Federal Government received a total sum of N390.412 billion, the State Governments received N403.403 billion and the Local Government Councils received N293.816 billion.

A total sum of N120.450 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N284.716 billion distributable statutory revenue, the communiqu茅 stated that the Federal Government received N112.148 billion, the State Governments received N56.883 billion and the Local Government Councils received N43.855 billion.

The sum of N71.830 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

The Federal Government received N69.969 billion, the State Governments received N233.229 billion and the Local Government Councils received N163.260 billion from the N466.457 billion distributable Value Added Tax (VAT) revenue.

A total sum of N2.704 billion was received by the Federal Government from the N18.024 billion Electronic Money Transfer Levy (EMTL).聽 The State Governments received N9.012 billion and the Local Government Councils received N6.308 billion.

The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue.聽 The State Governments received N104.279 billion and the Local Government Councils received N80.394 billion.聽 The sum of N48.620 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

According to the communiqu茅, in the month of April 2024, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Electronic Money Transfer Levy (EMTL) and CET Levies increased significantly while Import Duty and Value Added Tax (VAT) recorded considerable decreases.

The balance in the ECA was $473,754.57, Mokwa stated.

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