The Federation Account Allocation Committee (FAAC) has announced the distribution of N1.208 trillion to various government tiers for the month of May 2024.
This allocation, which was derived from several revenue streams such as statutory allocations, Value Added Tax (VAT), and Electronic Money Transfer Levies (EMTL), originates from the revenues collected in April 2024.
This recent disbursement marks an approximate 8% increase from the N1.123 trillion allocated in the previous month, heralding a modest but notable rise in government revenue flows.
The breakdown of the revenue distribution reveals that the Federal Government received N390.412 billion, state governments received N403.403 billion, and local government councils received N293.816 billion.
Additionally, a sum of N120.450 billion was shared among the states as derivation revenue, representing 13% of mineral revenue.
Also, from the distributable statutory revenue of N284.716 billion, the Federal Government received N112.148 billion, state governments received N56.883 billion, and local government councils received N43.855 billion. Furthermore, N71.830 billion was allocated to the benefiting states as derivation revenue.
Regarding VAT revenue, the Federal Government received N69.969 billion, state governments received N233.229 billion, and local government councils received N163.260 billion out of the N466.457 billion total. Similarly, the distribution of EMTL revenue and Exchange Difference revenue saw allocations to various tiers of government.
The communiqué issued by the FAAC highlighted significant increases in Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL, and CET Levies, while Import Duty and VAT recorded considerable decreases.
The balance in the Excess Crude Account (ECA) for April 2024 stood at $473,754.57, according to a statement issued on Thursday by Bawa Mokwa, Director of Press and Public Relations under the Office of the Accountant General of the Federation.