The Federation Account Allocation Committee (FAAC) has shared a total of N1.208 trillion as allocation for the month of April to different levels of government in Nigeria.
The money is split among the federal government, state governments, and local governments, News About Nigeria reports
The revenue was shared on Thursday at the May meeting of FAAC in Abuja.
According to a communiqué issued by the committee, the N1.208 trillion total distributable revenue comprised statutory revenue of N284.716 billion, Value Added Tax (VAT) revenue of N466.457 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion, and Exchange Difference revenue of N438.884 billion.
The communiqué stated that total revenue of N2.192 billion was available in April, with total deductions for the cost of collection amounting to N80.517 billion and total transfers, interventions, and refunds totaling N903.479 billion.
The Gross statutory revenue of N1.233 billion received in April was higher than the N1.017 billion received in March by N216.282 billion. However, the gross revenue available from VAT in April was N500.920 billion, lower than the N549.698 billion available in March by N48.778 billion.
From the N1.208 trillion total distributable revenue, the Federal Government received N390.412 billion, state governments received N403.403 billion, and LGCs received N293.816 billion. A total sum of N120.450 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.
The Federal Government received N112.148 billion from the N284.716 billion distributable statutory revenue, while state governments received N56.883 billion and LGCs received N43.855 billion. The sum of N71.830 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.
From the N466.457 billion distributable VAT revenue, the Federal Government received N69.969 billion, state governments received N233.229 billion, and LGCs received N163.260 billion. The Federal Government received N2.704 billion from the N18.024 billion EMTL, while state governments received N9.012 billion and LGCs received N6.308 billion.
The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue, while state governments received N104.279 billion and LGCs received N80.394 billion. The sum of N48.620 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.
According to the communiqué, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL, and CET Levies increased significantly, while Import Duty and VAT recorded considerable decreases. The balance in the Excess Crude Account (ECA) stood at $473.754 million.
