FAAC: FG, states, LGAs shared N1.1trn in May — down by N60bn

The federation account allocation committee (FAAC) says the three tiers of government shared N1.14 trillion for May.

The figure represents a decrease of N60 billion compared to the N1.20 trillion shared in April.

FAAC made this known in a communique issued at its June meeting on Monday.

The meeting was chaired by Wale Edun, minister of finance and coordinating minister of the economy.

According to the communique, the N1.14 trillion total revenue comprised statutory revenue of N157 billion, and value-added tax (VAT) revenue of N463 billion.

The revenue also includes electronic money transfer levy (EMTL) revenue of N15 billion and exchange difference revenue of N507 billion.

FAAC said a total revenue of N2.32 trillion was available in May.

“Total deduction for cost of collection is N76.647 billion, while total transfers, interventions, and refunds is N1.104 trillion,” FAAC said.

“Gross statutory revenue of N1.223 trillion was received for the month of May 2024. This was lower than the sum of N1,233 trillion received in the month of April by N9.6 billion.”

The committee further said gross revenue of N497 billion was available from VAT in May.

This, FAAC said, was lower than the N500 billion available in April.

A breakdown of the N1.14 trillion total revenue showed that the federal government received N365 billion, states received N388 billion, and local governments received N282 billion.

FAAC also said the sum of N106 billion was shared with the benefiting states as 13 percent derivation revenue.

Out of the N157.183 billion statutory revenue, the committee said that the federal government received N61 billion, states received N30.9 billion, and local governments received N23.8 billion.

“The sum of N41.371 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue,” FAAC added.

From VAT revenue of N463 billion, the federal government received N69 billion, states got N231 billion, and the local government received N162 billion.

In addition, the committee said a total sum of N2.2 billion was received by the federal government from the N15 billion EMTL, while state and local governments received N7.5 billion and N5.3 billion, respectively. 

According to the communiqué, in May, 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 decreased considerably.

FAAC said the balance in the excess crude account remained at $473.754.