Business

FG, States, LGs Share N1.208trn Revenue For April

The communiqué also noted that the total revenue available in April was N2.192 billion.

By Nydra Ayibapreye

The Federation Account Allocation Committee (FAAC) distributed N1.208 trillion in revenue for April to the Federal Government, states, and Local Government Councils (LGCs). This distribution occurred during FAAC’s May meeting in Abuja on Thursday.

According to a communiqué from the committee, the total distributable revenue of N1.208 trillion included N284.716 billion from statutory revenue, N466.457 billion from Value Added Tax (VAT), N18.024 billion from the Electronic Money Transfer Levy (EMTL), and N438.884 billion from exchange differences.

The communiqué also noted that the total revenue available in April was N2.192 billion.

“Total deduction for cost of collection is N80.517 billion; total transfers, interventions and refunds is N903.479 billion.

The communiqué stated that the gross statutory revenue for the month was N1.233 billion, an increase of N216.282 billion compared to the N1.017 billion received in March.

It noted that the gross revenue from VAT in April was N500.920 billion, which was N48.778 billion less than the N549.698 billion received in March.

From the total distributable revenue of N1.208 trillion, the Federal Government received N390.412 billion, the state governments received N403.403 billion, and the Local Government Councils received N293.816 billion.

“A total sum of N120.450 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

It reported that from the N284.716 billion distributable statutory revenue, the Federal Government received N112.148 billion, the state governments received N56.883 billion, and the Local Government Councils received N43.855 billion.

Additionally, N71.830 billion (13 percent of mineral revenue) was allocated to the benefiting states as derivation revenue.

“The Federal Government received N69.969 billion, the state governments received N233.229 billion and the LGCs received N163.260 billion from the N466.457 billion distributable VAT revenue.

“A total sum of N2.704 billion was received by the Federal Government from the N18.024 billion EMTL, the state governments received N9.012 billion and the LGCs received N6.308 billion.

“The Federal Government received N205.591 billion from the N438.884 billion Exchange Difference revenue; the state governments received N104.279 billion, and the LGCs received N80.394 billion.

“The sum of N48.620 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

According to the communiqué, Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), EMTL and CET Levies increased significantly.

It, however, said that Import Duty and VAT recorded considerable decreases.

“The balance in the ECA was 473.754 million dollars.

………….

Note : To submit Press Releases, Statements, and Advert Inquiries for publication on Waffi blog (website) or Television 📺, please use the following contact details: You can send an email to info@waffitv.com or reach us via Whatsapp at 07068286500

Related posts

Inflation Rate Will Drop To 21% In 2024- CBN Gov

Waffi Tv

Shell Denies $1.3bn Onshore Asset Sale In Nigeria

Waffi Tv

CBN Confirms Implementation Of 0.005 Cybersecurity Levy On Transactions

admin

Leave a Comment