FAAC: Nigerian Government, States & LGs share N1.1trn

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The Federation Accounts Allocation Committee has shared the sum of N1.143 trillion to the three tiers of government.

A communique issued at the end of the committee’s meeting in Abuja, this evening,  indicated that the funds were from May Federation Accounts revenue which stood at N2.324 trillion.

The FAAC meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

The communiqué showed that the N1.143 trillion total distributable revenue comprised distributable statutory revenue of N 157.183 billion, distributable Value Added Tax (VAT) revenue of N463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.

Total deduction for cost of collection was N76.647 billion while total transfers, interventions and refunds was N1,104.935 billion.

Gross statutory revenue of N1.223 trillion was received in the month of May.

This was lower than the sum of N1.233 trillion received in the preceding month of April by N9.604 billion.

The gross revenue of N497.665 billion was available from the Value Added Tax (VAT) in May 2024.  This was also lower than the N500.920 billion available in the month of April 2024 by N3.255 billion.

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