Politics

Federal Allocation: FG, States, Local Governments Share N1.1 Trillion in May

The Federal Government, States, and Local Government Councils have shared a total sum of N1.143 trillion from the May 2024 Federation Accounts Revenue.

This was announced in a communiqué issued by the Federation Accounts Allocation Committee (FAAC) after its meeting, which was chaired by the Minister of Finance, Wale Edun.

According to the communiqué, the total distributable revenue comprised statutory revenue, Value Added Tax (VAT) revenue, Electronic Money Transfer Levy (EMTL) revenue, and Exchange Difference revenue.

The gross statutory revenue received for May 2024 was N1.223 trillion, lower than the previous month’s revenue by N9.604 billion.

The Federal Government received a total sum of N365.813 billion, while the State Governments received N388.419 billion, and the Local Government Councils received N282.476 billion. A total sum of N106.502 billion was shared to the benefiting States as derivation revenue.

The communiqué also revealed that Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) increased significantly in May 2024, while Import and Excise Duties, Royalty Crude and Gas, Electronic Money Transfer Levy (EMTL), CET Levies, and Value Added Tax (VAT) recorded considerable decreases.

The balance in the Excess Crude Account (ECA) stood at $473,754.57 as of May 2024.

The disclosure was announced in a statement by the Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, on Monday.

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