THE Federation Account Allocation Committee (FAAC) disbursed N1,149.816 trillion in revenue to the federal government, states, and municipal governments in January 2024.
According to Bawa Mokwa, Director of Press and Public Relations within the Office of the Accountant General of the Federation, today, this was stated in a communiqué issued at the conclusion of the Federation Account Allocation Committee (FAAC) meeting for April 2024.
The communique highlighted that in April 2024, a total of N1,208.081 billion in Federation Account Revenue was distributed among the Federal Government, States, and Local Government Councils during the May 2024 meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja.
The revenue included statutory revenue, Value Added Tax (VAT) revenue, Electronic Money Transfer Levy (EMTL) revenue, and Exchange Difference revenue. The total available revenue for the month was N2,192.077 billion, with deductions for cost of collection and transfers, interventions, and refunds.
The gross statutory revenue for the month was N1,233.498 billion, an increase from the previous month.
The gross revenue from VAT in April 2024 was N500.920 billion, lower than the previous month. The distribution of the total revenue saw the Federal Government receiving N390.412 billion, State Governments receiving N403.403 billion, and Local Government Councils receiving N293.816 billion.
Additionally, N120.450 billion was shared with benefiting States as derivation revenue. The communiqué also detailed the distribution of the various revenue components among the different tiers of government.
Furthermore, it noted significant increases in certain revenue sources and decreases in others.
Meanwhile, the Excess Crude Account (ECA) balance for previous month was set at $473,754.57.