The Federation Account Allocation Committee (FAAC) has shared the sum of N1.208 trillion to the three tiers of government, being revenue generated for the month of April 2024.
The amount shared is from different revenue streams including statutory allocations, Value Added Tax (VAT), and Electronic Money Transfer Levies (EMTL).
This marks an increase of about 8 per cent from the N1.123 trillion allocated in the previous month, indicating a significant increase in government revenue flows.
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 at the end of the May 2024 FAAC 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.
About 55 per cent of revenue made was shared among three tiers of government
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.
From the N1.208 trillion total distributable revenue, the Federal Government received N390.412 billion, the state governments received N403.403 billion, and the local government councils received N293.816 billion.
Additionally, N120.450 billion (13% of mineral revenue) was allocated to the oil-producing states as derivation revenue.
