FAAC Allocates ₦1.2 Trillion To Federal, State, And Local Governments For April

The three tiers of government in Nigeria—federal, state, and local—received a total of ₦1.2 trillion from the Federation Account Allocation Committee (FAAC) for April 2024. This information was disclosed on Thursday in a statement issued by Bawa Mokwa, the director of press and public relations in the office of the accountant-general of the federation (OAGF)………….CONTINUE READING

The statement detailed that the allocation comprises several components: ₦284 billion from distributable statutory revenue, ₦466 billion from value-added tax (VAT) revenue, ₦18 billion from the electronic money transfer levy (EMTL), and ₦438 billion from exchange difference revenue.

According to FAAC, the total revenue for April 2024 was ₦2.1 trillion. Deductions included ₦80 billion for the cost of collection and ₦903 billion for transfers, interventions, and refunds.

In April, gross statutory revenue amounted to ₦1.2 trillion, which was ₦216 billion higher than the ₦1.01 trillion received in March. Of the ₦1.2 trillion distributable revenue, the federal government received ₦390 billion, state governments received ₦403 billion, and local governments got ₦293 billion. Additionally, ₦120 billion was allocated to states as 13 percent derivation revenue.

From the ₦466 billion VAT revenue, the federal government received ₦69 billion, state governments got ₦233 billion, and local governments received ₦163 billion. Out of the ₦18 billion EMTL

revenue, the federal government received ₦2.704 billion, states got ₦9 billion, and local governments received ₦6 billion. Regarding the ₦438 billion exchange difference revenue, the federal government was allocated ₦205 billion, states received ₦104 billion, and local governments got ₦80 billion, with an additional ₦48 billion shared as 13 percent derivation revenue.

FAAC also reported significant increases in April for oil and gas royalties, companies’ income tax (CIT), excise duty, petroleum profit tax (PPT), EMTL, and CET levies. However, import duty and VAT recorded notable decreases.

The balance in the excess crude account (ECA) for April was reported to be $473,754.

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