A total sum of N1.143 trillion from May 2024 federation accounts revenue has been distributed among the three tiers of government – federal, state, and local governments.
The revenue was allocated during the June 2024 meeting of the Federation Accounts Allocation Committee (FAAC), chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
A communiqué issued by FAAC revealed that the N1.143 trillion total distributable revenue comprised N157.183 billion in distributable statutory revenue, N463.425 billion from Value Added Tax (VAT) revenue, N15.146 billion from electronic money transfer levy revenue, and N507.456 billion from Exchange Difference revenue.
Total revenue of N2.324 trillion was available in May 2024. Total deductions for the cost of collection were N76.647 billion, while total transfers, interventions, and refunds amounted to N1.104 trillion.
Gross statutory revenue of N1.223 trillion was received for May 2024, which was N9.604 billion…
Source: Leadership Newspaper
