The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.143 trillion in revenue for May 2024 to the Federal Government, States, and Local Government Councils across Nigeria. This was disclosed in a communiqué issued after the latest FAAC meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. The information was released by the Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, on Monday.
According to the communiqué, the total distributable revenue of N1.143 trillion includes:
- Distributable Statutory Revenue: N157.183 billion
- Distributable Value Added Tax (VAT) Revenue: N463.425 billion
- Electronic Money Transfer Levy (EMTL) Revenue: N15.146 billion
- Exchange Difference Revenue: N507.456 billion
The total revenue available in May 2024 was N2.325 trillion. Deductions for the cost of collection amounted to N76.647 billion, while transfers, interventions, and refunds totaled N1.105 trillion. The gross statutory revenue for May 2024 was N1.224 trillion, slightly lower than the N1.233 trillion received in April 2024 by N9.604 billion.
The VAT revenue in May 2024 was N497.665 billion, a decrease of N3.255 billion from April 2024’s N500.920 billion.
Breakdown of the N1.143 Trillion Distributable Revenue:
- Federal Government: N365.813 billion
- State Governments: N388.419 billion
- Local Government Councils: N282.476 billion
- Derivation Revenue (13% of mineral revenue): N106.502 billion
Distribution of the N157.183 Billion Distributable Statutory Revenue:
- Federal Government: N61.010 billion
- State Governments: N30.945 billion
- Local Government Councils: N23.857 billion
- Derivation Revenue (13% of mineral revenue): N41.371 billion
Distribution of the N463.425 Billion Distributable VAT Revenue:
- Federal Government: N69.514 billion
- State Governments: N231.713 billion
- Local Government Councils: N162.199 billion
Distribution of the N15.146 Billion EMTL:
- Federal Government: N2.272 billion
- State Governments: N7.573 billion
- Local Government Councils: N5.301 billion
Distribution of the N507.456 Billion Exchange Difference Revenue:
- Federal Government: N233.017 billion
- State Governments: N118.189 billion
- Local Government Councils: N91.119 billion
- Derivation Revenue (13% of mineral revenue): N65.131 billion
The communiqué also highlighted that in May 2024, there were significant increases in Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT), while Import and Excise Duties, Royalty Crude and Gas, EMTL, CET Levies, and VAT saw considerable decreases.
The balance in the Excess Crude Account (ECA) stood at $473,754.57 as of the end of May 2024.
