The Federation Account Allocation Committee (FAAC) has shared N1.152.756 trillion February 2024 Federation Account Revenue to the Federal Government, States, and Local Government Councils.
From the N1.152.756 trillion total distributable revenue, the Federal Government received a total of N352.409 billion, the State Governments received N366.950 billion, and the Local Government Councils received N267.153 billion.
A total sum of N166.244 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The revenue was shared at the March 2024 meeting of the FAAC chaired by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
The FAAC, in a communique issued after the meeting by its spokesperson, Bawa Mokwa, on Thursday, March 21, noted that the N1.152.756 trillion total distributable revenue comprised distributable statutory revenue of N101.349 billion, distributable Value Added Tax (VAT) revenue of N428.806 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.157 billion, and Exchange Difference revenue of N607.444 billion.
It stated that total revenue of N2.326.149 trillion was available in the month of February 2024, saying 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.
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It said the gross statutory revenue of N1.192.428 trillion was received for the month of February 2024, noting that this was higher than the sum of N1.151.808 trillion received in the month of January 2024 by N40.620 billion.
The FAAC said the gross revenue available from the VAT in February 2024 was N460.487 billion, noting that this was higher than the N420.733 billion available in January by N39.755 billion.
The FAAC disclosed that from the N101.349 billion distributable statutory revenue, the Federal Government received N7.351 billion, the State Governments received N3.729 billion, and the Local Government Councils received N2.875 billion.
It said the sum of N87.394 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
It added that the Federal Government received N64.321 billion, the State Governments received N214.403 billion, and the Local Government Councils received N150.082 billion from the N428.806 billion distributable VAT revenue.
The FAAC said from the N15.157 billion Electronic Money Transfer Levy (EMTL), the Federal Government received N2.274 billion, the State Governments received N7.578 billion, and the Local Government Councils received N5.305 billion.
It noted that Federal Government received N278.463 billion from the N607.444 billion Exchange Difference revenue, adding that the State Governments received N141.240 billion and the Local Government Councils received N108.891 billion.
It said N78.850 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
According to FAAC, in the month of February 2024, Petroleum Profit Tax (PPT), Import Duty, Excise Duty, VAT, and CET Levies increased significantly, while Oil and Gas Royalties increased marginally.
“Companies Income Tax (CIT) and Electronic Money Transfer Levy (EMTL) recorded considerable decreases. The balance in the ECA was $473,754.57,” the FAAC disclosed.
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