The Federation Accounts Allocation Committee (FAAC) shared a total of ₦1,143,210,000,000 in Federation Accounts Revenue for May 2024 between the Federal Government, State Governments, and Local Government Councils.
The FAAC announced this in a communiqué issued after its latest meeting, as stated by Bawa Mokwa, Director of Press and Public Relations for the Office of the Accountant General of the Federation, on Monday. The June 2024 FAAC meeting was chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
According to Mokwa, the communiqué detailed that the ₦1.14 trillion in total distributable revenue includes ₦157.18 billion in statutory revenue, ₦463.43 billion in Value Added Tax (VAT) revenue, ₦15.15 billion in Electronic Money Transfer Levy (EMTL) revenue, and ₦507.456 billion in Exchange Difference revenue.
The statement revealed that the total revenue available in May 2024 was ₦2.3 trillion.
Total deductions for the cost of collection amounted to ₦76.645 billion, while total transfers, interventions, and refunds amounted to ₦1.10 trillion.
Gross statutory revenue for May 2024 was ₦1.22 trillion, a decrease of ₦9.6 billion from the ₦1.23 trillion received in April 2024.
Gross VAT revenue for May 2024 was ₦497.67 billion, a decrease of ₦3.26 billion from the ₦500.92 billion available in April 2024.
From the ₦1.143 trillion in total distributable revenue, the federal government received ₦365.81 billion, state governments received ₦388.42 billion, and local government councils received ₦282.48 billion. Additionally, ₦106.5 billion (13% of mineral revenue) was distributed to the States as derivation revenue.
Regarding the ₦157.18 billion in distributable statutory revenue, the Federal Government received ₦61.01 billion, state governments received ₦30.95 billion, and local government councils received ₦23.86 billion. The benefiting states received ₦41.37 billion (13% of mineral revenue) as derivation revenue.
From the ₦463.43 billion in distributable VAT revenue, the Federal Government received ₦69.51 billion, state governments received ₦231.71 billion, and local government councils received ₦162.20 billion.
From the ₦15.15 billion EMTL, the Federal Government received ₦2.27 billion, State Governments received ₦7.57 billion, and Local Government Councils received ₦5.30 billion.
From the ₦507.46 billion exchange difference revenue, the federal government received ₦233.01 billion, state governments received ₦118.19 billion, and local government councils received ₦91.12 billion. The benefiting states received ₦65.13 billion (13% of mineral revenue) as derivation revenue.
The statement also noted that, according to the communiqué, in May 2024, Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) increased significantly, while Import and Excise Duties, Royalty Crude and Gas, EMTL, CET Levies, and VAT recorded considerable decreases.
The balance in the Excess Crude Account (ECA) was $473,754.57.
