Babatunji Wusu –
For the month of February 2024, the amount that the three levels of government received from the Federation Account Allocation Committee (FAAC) increased by N10 billion.
During the time under examination, the federal, state, and municipal governments received a total of N1.15 trillion.
This was revealed in a statement released by FAAC on Thursday during its March meeting, which was presided over by Wale Edun, the Coordinating Minister of the Economy and Minister of Finance.
The communiqué stated that the total distributable revenue of N1.15 trillion was made up of N101.34 billion in distributable statutory revenue, N428.80 billion in distributable value-added tax (VAT) revenue, N15.15 billion in revenue from the electronic money transfer levy (EMTL), and N607.44 billion in revenue from exchange differences.
“Total revenue of N2,326.149 billion was available in the month of February 2024. 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,” FAAC said.
“Gross statutory revenue of N1,192.428 billion was received for the month of February 2024. This was higher than the sum of N1,151.808 billion received in the month of January 2024 by N40.620 billion.
“The gross revenue available from the Value Added Tax (VAT) in February 2024 was N460.487 billion. This was higher than the N420.733 billion available in the month of January 2024 by N39.755 billion,” the communique said.
The FAAC communique further explained that out of the N1.15 trillion total distributable revenue, the federal government was given N352.40 billion, the state governments received N366.95 billion and the local governments got N267.15 billion.
Also, the committee said a total sum of N166.24 billion was distributed to relevant states as 13 percent 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 Local Government Councils received N2.875 billion. The sum of N87.394 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue,” FAAC said.
“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 Value Added Tax (VAT) revenue.”
FAAC said from the N15.15 billion EMTL, the federal government got N2.27 billion; the state governments were given N7.57 billion; and the local governments received N5.30 billion.
Meanwhile, out of the N607.44 billion exchange difference revenue, FAAC said the federal government received N278.46 billion, the state Governments got N141.24 billion, and the local government received N108.89 billion; while N78.85 billion was shared to benefiting states as 13 percent derivation revenue.
Furthermore, the committee said in February 2024, petroleum profit tax (PPT), import duty, excise duty, VAT and CET levies increased significantly.
According to the communique, while oil and gas royalties increased marginally, companies income tax (CIT) and EMTL recorded considerable decreases.
