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From Adanna Nnamani, Abuja
Federal Government, States and Local Government Councils shared N1.143 trillion as May subvention from the Federation Accounts Allocation Commitee (FAAC).
The revenue was shared at the June 2024 meeting of FAAC, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
According to a communiqué issued by the FAAC, the N1.143 trillion total distributable revenue comprised distributable statutory revenue of N 157.183 billion, distributable Value Added Tax (VAT) revenue of N463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.
The document said N2.325 trillion was available in May. Total deduction for cost of collection was N76.647 billion, while total transfers, interventions and refunds was N1.105 trillion.
Gross statutory revenue of N1.224 trillion was received in May 2024. This was lower than the sum of N1.233 trillion received in April 2024 by N9.604 billion.
The gross revenue of N497.665 billion was available from the Value Added Tax (VAT) in May 2024. This was lower than the N500.920 billion available in April 2024 by N3.255 billion.
The communiqué confirmed that from the N1.143 trillion total distributable revenue, the Federal Government received N365.813 billion, the State Governments received N388.419 billion and the Local Government Councils received N282.476 billion.
N106.502 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N157.183 billion distributable statutory revenue, the communiqué stated that the Federal Government received N61.010 billion, the State Governments received N30.945 billion and the Local Government Councils received N23.857 billion. The sum of N41.371 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
The Federal Government received N69.514 billion, the State Governments received N231.713 billion and the Local Government Councils received N162.199 billion from the N463.425 billion distributable Value Added Tax (VAT) revenue.
2.272 billion was received by the Federal Government from the N15.146 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.573 billion and the Local Government Councils received N5.301 billion.
From the N507.456 billion Exchange Difference revenue, the Federal Government received N233.017 billion, the State Governments received N118.189 billion and the Local Government Councils received N91.119 billion. A total sum of N65.131 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.
According to the communiqué, in the month of May 2024, Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) increased significantly while Import and Excise Duties, Royalty Crude and Gas, Electronic Money Transfer Levy (EMTL), CET Levies and Value Added Tax (VAT) recorded considerable decreases.
The balance in the ECA was $474 billion.
