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FAAC Disburses N1.143trn To Three Tiers Of Govt

Federation Accounts Allocation Committee (FAAC) has distributed a total sum of N1.143 trillion to the federal government, states, and local government councils as revenue for May 2024.

Gatekeepers News reports that the revenue was shared at the June 2024 FAAC meeting, chaired by Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The distributable revenue comprised statutory revenue (N157.183 billion), Value Added Tax (VAT) revenue (N463.425 billion), Electronic Money Transfer Levy (EMTL) revenue (N15.146 billion), and Exchange Difference revenue (N507.456 billion).

The federal government received N365.813 billion, states received N388.419 billion, and local government councils received N282.476 billion. An additional N106.502 billion was shared to benefiting oil-producing states as derivation revenue.

Gross statutory revenue (N1.223 trillion) and gross VAT revenue (N497.665 billion) were lower than the amounts received in April 2024.

However, Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) increased significantly in May 2024. The balance in the Excess Crude Account (ECA) stood at $473,754.57.

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