FAAC: FG, States, LGs Share N1.143trn for May


June 11, 2024.

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Azonuchechi Chukwu.

The Federation Accounts Allocation Committee (FAAC), on Monday shared N1.143 trillion among the Federal Government, states and Local Government Councils (LGCs) for May. The revenue was shared at the June meeting of the FAAC, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

According to a communiqué issued by the committee at the end of the meeting, the N1.143 trillion total revenue comprised statutory revenue of N157.183 billion, Value Added Tax (VAT) revenue of N463.425 billion.

It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.

It said that revenue of N2.324 trillion was available in the month of May. Total deduction for cost of collection is N76.647 billion, while total transfers, interventions, and refunds is N1.104 trillion.

“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 N9.604 billion,” it said.

The communiqué said that gross revenue of N497.665 billion was available from VAT in May, which was lower than the N500.920 billion available in April by N3.255 billion.

It confirmed that from the N1.143 trillion total revenue, the Federal Government received N365.813 billion, the state governments received N388.419 billion, and the LGCs received N282.476 billion.

It said that the sum of N106.502 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

On the N157.183 billion statutory revenue, the communiqué said that the Federal Government received N61.010 billion, the state governments received N30.945 billion, and the LGCs 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 LGCs received N162.199 billion from the N463.425 billion VAT revenue.

“A total sum of N2.272 billion was received by the Federal Government from the N15.146 billion EMTL, the state governments received N7.573 billion, and the LGCs received N5.301 billion,” it said.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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