Abuja, March 22, 2024: The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.152 trillion February revenue to the Federal Government, states and Local Government Councils (LGCs).
The revenue was shared on Thursday at the March meeting of FAAC chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
According to a communiqué issued by FAAC, the N1.152 trillion total distributable revenue comprised distributable statutory revenue of N101.349 billion and distributable Value Added Tax (VAT) revenue of N428.806 billion.
It also comprised Electronic Money Transfer Levy (EMTL) revenue of N15.157 billion and Exchange Difference revenue of N607.444 billion.
“Total revenue of N2.326 trillion was available in the month of February.
“Total deduction for cost of collection was N66.456 billion; total transfers, interventions and refunds was N856.937 billion and savings was N250.000 billion.
“Gross statutory revenue of N1.192 trillion was received for the month of February, which is higher than the sum of N1.151 trillion received in January by N40.620 billion,” the communique said.
It said that the gross revenue available from VAT in February was N460.487 billion, which was higher than the N420.733 billion* available in January by N39.755 billion.
The communiqué said that from the N1.152 trillion total distributable revenue, the Federal Government received a total of N352.409 billion, the State Governments received N366.950 billion and the LGCs received N267.153 billion.
“A total sum of N166.244 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.
“From the N101.349 billion distributable statutory revenue, the Federal Government received N7.351 billion, the state governments received N3.729 billion and the LGCs received N2.875 billion.
” The sum of N87.394 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.
It further said that the Federal Government received N64.321 billion, the state Governments received N214.403 billion, and the LGCs received N150.082 billion from the N428.806 billion distributable VAT revenue.
According to the communique, the N15.157 billion EMTL was shared as follows:
The Federal Government received N2.274 billion, the state governments received__ N7.578 billion and the LGCs received N5.305 billion.
“The Federal Government received N278.463 billion from the N 607.444 billion Exchange Difference revenue.
“The State Governments received N141.240 billion, and the LGCs received N108.891 billion. The sum of N78.850 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.
It said that Petroleum Profit Tax (PPT), Import Duty, Excise Duty, VAT and CET levies increased significantly; Oil and Gas Royalties increased marginally, while Company Income Tax (CIT) and EMTL recorded considerable decreases.
“The balance in the ECA was 473.754 million dollars,” it said.
