A total of N1,143.210 billion May 2024 has been shared between Federal, State and Local Governments by the Federation Accounts Allocation Committee (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.
In a statement on Monday by Bawa Mokwa Director (Press and Public Relations) in the Office of the Accountant General of the Federation (OAGF), he said a communiqué issued by FAAC revealed that the N1,143.210 billion total distributable revenue comprised distributable statutory revenue of N 157.183 billion, distributable 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 balance in the Excess Crude Account (ECA) was $473,754.57. Total revenue of N2,324.792 billion was available in May 2024. The total deduction for the cost of collection was N76.647 billion while the total transfers, interventions and refunds were N1,104.935 billion. Gross statutory revenue of N1,223.894 billion was received for May 2024. This was lower than the sum of N1,233.498 billion received in April 2024 by N9.604 billion.
The gross revenue of N497.665 billion was available from 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 N1,143.210 billion total distributable revenue, the Federal Government received a total sum of N365.813 billion, the State Governments received a total sum of N388.419 billion and the Local Government Councils received a total sum of N282.476 billion.
