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| FG, States, LGs Distribute N1.208trn Revenue for April |
The committee's communiqué detailed that the N1.208 trillion total distributable revenue included 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 Federation Account Allocation Committee (FAAC) has distributed a total of N1.208 trillion in revenue for April among the Federal Government, states, and Local Government Councils (LGCs).
This distribution took place on Thursday during the FAAC meeting in May, held in Abuja.
The committee's communiqué detailed that the N1.208 trillion total distributable revenue included 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 noted that the total revenue available in April was N2.192 billion.
It stated, "The total deductions for the cost of collection amounted to N80.517 billion; total transfers, interventions, and refunds were N903.479 billion.
The communiqué reported that the Gross statutory revenue received for the month under review was N1.233 billion, which was an increase from the N1.017 billion received in March by N216.282 million," it added.
It also mentioned that the gross revenue from VAT in April was N500.920 billion, a decrease from the N549.698 billion in March by N48.778 million.
From the N1.208 trillion total distributable revenue, the Federal Government was allocated N390.412 billion, state governments received N403.403 billion, and the LGCs got N293.816 billion.
"A total of N120.450 billion, representing 13 percent of mineral revenue, was allocated as derivation revenue to the benefiting states," the communiqué stated.
Regarding the N284.716 billion distributable statutory revenue, the Federal Government received N112.148 billion, state governments got N56.883 billion, and the LGCs were allocated N43.855 billion.
The communiqué also highlighted that N71.830 billion, representing 13 percent of mineral revenue, was distributed as derivation revenue to the benefiting states.
"The Federal Government received N69.969 billion, state governments N233.229 billion, and LGCs N163.260 billion from the N466.457 billion distributable VAT revenue.
A total of N2.704 billion from the N18.024 billion EMTL was allocated to the Federal Government, N9.012 billion to state governments, and N6.308 billion to LGCs.
The Federal Government was allocated N205.591 billion from the N438.884 billion Exchange Difference revenue; state governments received N104.279 billion, and LGCs got N80.394 billion.
"A sum of N48.620 billion, representing 13 percent of mineral revenue, was distributed as derivation revenue to the benefiting states," it stated.
The communiqué further indicated that Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL, and CET Levies saw significant increases.
However, it noted that Import Duty and VAT experienced notable declines.
The balance in the Excess Crude Account (ECA) stood at 473.754 million dollars.
(NAN)
