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).
According to a communiqué issued by FAAC, the N1.208 trillion comprises various revenue sources, including statutory revenue: N284.716 billion, Value Added Tax (VAT) revenue: N466.457 billion, Electronic Money Transfer Levy (EMTL) revenue: N18.024 billion, and exchange difference revenue: N438.884 billion
The total revenue available in April was N2.192 billion. However, deductions for the cost of collection (N80.517 billion) and transfers, interventions, and refunds (N903.479 billion) were made, leaving a total distributable revenue of N1.208 trillion.
Federal government received N390.412 billion, state governments received N403.403 billion, and LGCs received N293.816 billion.
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Also, N120.450 billion (13 per cent of mineral revenue) was shared among benefiting states as derivation revenue.
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A breakdown of the distributable revenue shows that:
– Statutory revenue: Federal government (N112.148 billion), state governments (N56.883 billion), and LGCs (N43.855 billion).
– VAT revenue: Federal government (N69.969 billion), state governments (N233.229 billion), and LGCs (N163.260 billion).
– EMTL revenue: Federal government (N2.704 billion), state governments (N9.012 billion), and LGCs (N6.308 billion).
– Exchange difference revenue: Federal government (N205.591 billion), state governments (N104.279 billion), and LGCs (N80.394 billion)
The communiqué also revealed great increases in Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL, and CET Levies.
However, import duty and VAT recorded considerable decreases. The balance in the Excess Crude Account (ECA) stood at $473.754 million.
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