The Federation Account Allocation Committee (FAAC) has announced the distribution of N1.208 trillion to various levels of government in May 2024 from various revenue sources, including statutory allocations, value-added tax (VAT), and electronic money transfer levies (EMTL).
Though the money was shared in May, it was from the revenue sourced in April 2024.
This is slightly higher than the N1.123 trillion shared the previous month by approximately 8%.
According to a statement from the Office of the Accountant General signed by its Director (Press and Public Relations), Bawa Mokwa, the figure was disclosed in a communiqué issued by FAAC after the May 2024 meeting.
The N1.208 trillion total distributable revenue consisted of N284.716 billion distributable statutory revenue, N466.457 billion distributable Value Added Tax (VAT) revenue, N18.024 billion Electronic Money Transfer Levy (EMTL) revenue, and N438.884 billion Exchange Difference revenue.
The total revenue available for April 2024 was N2.192 trillion. After deducting N80.517 billion for the cost of collection and N903.479 billion for transfers, interventions, and refunds, the remaining amount was distributed among the three tiers of government. Approximately 55% of revenue made in April was shared among the three tiers of government by May 2024.
The communiqué highlighted significant increases in oil and gas royalties, companies income tax (CIT), excise duty, petroleum profit tax (PPT), electronic money transfer Levy (EMTL), and CET Levies for April 2024. Conversely, import duty and VAT recorded notable decreases.
The Excess Crude Account (ECA) balance stood at $473,754.57 as of the end of April 2024.