The three tiers of government shared N1.208 trillion as May 2024 revenue disbursement from the Federation Accounts Allocation Committee (FAAC). The figure is N1 billion above the N1.1trn that was disbursed in April.
The revenue was shared at the May 2024 meeting of the Federation Accounts Allocation Committee (FAAC), held in Abuja. This was disclosed in a statement issued by Bawa Mokwa, Spokesperson, Office of Accountant-General of the Federation (OAGF) on Thursday.
Mokwa said a communiqué issued by FAAC, revealed that the N 1.208 billion total distributable revenue comprised distributable statutory revenue of N284.716 billion, distributable Value Added Tax (VAT) revenue of N466.457 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion and Exchange Difference revenue of N438.884 billion.
Total revenue of N2.2 trillion was available in the month of April 2024. Total deduction for cost of collection was N80.517 billion; total transfers, interventions and refunds was N903.479 billion. Gross statutory revenue of N1.233 trillion was received for the month of April 2024. This was higher than the sum of N1.02 trillion received in the month of March 2024 by N216.282 billion. The gross revenue available from the Value Added Tax (VAT) in April 2024 was N500.920 billion.
Business News in Brief
