The three tiers of government in Nigeria—federal, state, and local—received a total of ₦1.2 trillion from the Federation Account Allocation Committee (FAAC) for April 2024.
This was disclosed on Thursday in a statement by Bawa Mokwa, the director of press and public relations in the office of the accountant-general of the federation (OAGF).
The statement detailed the allocation breakdown, which included distributable statutory revenue of ₦284 billion, distributable value-added tax (VAT) revenue of ₦466 billion, electronic money transfer levy (ETML) revenue of ₦18 billion, and exchange difference revenue of ₦438 billion.
The total revenue available in April 2024 was ₦2.1 trillion. From this, ₦80 billion was deducted for the cost of collection, and ₦903 billion was allocated for transfers, interventions, and refunds.
The gross statutory revenue for April stood at ₦1.2 trillion, marking an increase of ₦216 billion compared to the ₦1.01 trillion received in March.
Of the ₦1.2 trillion total distributable revenue, the federal government received ₦390 billion, state governments received ₦403 billion, and local governments were allocated ₦293 billion. Additionally, ₦120 billion was distributed to the benefiting states as 13 percent derivation revenue.
Breaking down the ₦466 billion distributable VAT revenue, the federal government received ₦69 billion, state governments received ₦233 billion, and local governments got ₦163 billion.
From the ₦18 billion EMTL revenue, the federal government received ₦2.704 billion, state governments received ₦9 billion, and local governments were allocated ₦6 billion.
Regarding the ₦438 billion exchange difference revenue, the federal government received ₦205 billion, state governments received ₦104 billion, and local governments were allocated ₦80 billion. Furthermore, ₦48 billion was distributed to the benefiting states as 13 percent derivation revenue.
FAAC also noted significant increases in revenues from oil and gas royalties, companies’ income tax (CIT), excise duty, petroleum profit tax (PPT), EMTL, and CET levies for April. However, import duty and VAT revenues recorded notable decreases.
Additionally, the balance in the excess crude account (ECA) for April was reported to be $473,754.
