FG, States and Local Governments shared ₦1.2 trillion for April 2024.
NewsOnline Nigeria reports that the three tiers of government in Nigeria—federal, state, and local governments—received a total of ₦1.2 trillion from the Federation Account Allocation Committee (FAAC) for April 2024.
This was made known on Thursday in a statement issued by the director of press and public relations in the office of the accountant-general of the federation (OAGF), Bawa Mokwa.
The statement explained that 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.
A further breakdown of the figures confirmed that of the total 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.
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.
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.
However, import duty and VAT recorded considerable decreases.
FAAC also said the balance in the excess crude account (ECA) for April was $473,754.
