Federation Account Allocation Committee (FAAC) has disbursed
N1.681 trillion April revenue to the federal government, sates and the local government councils in the country.
The money was disbursed
at the May 2025 FAAC meeting held in Abuja on Friday.
The N1.681 trillion revenue comprised distributable statutory revenue of N962.882 billion, distributable Value Added Tax (VAT) revenue of N598.077 billion, Electronic Money Transfer Levy (EMTL) revenue of N38.862 billion and Exchange Difference N81.407 billion.
The details of the disbursement was contained in a communiqué issued by FAAC at the end of the meeting.
The communique stated that total gross revenue of N2,848.721 trillion was available in the month of April 2025.
Total deduction for cost of collection was N101.051 billion while total transfers, interventions, refunds and savings was N1066.442 billion.
According to the communiqué, gross statutory revenue of N2,084.568 trillion was received for the month of April 2025.
This was higher than the sum of N1,718.973 trillion received in the month of March 2025 by N365.595 billion.
Gross revenue of N642.265 billion was available from the Value Added Tax (VAT) in April 2025.
This was higher than the N637.618 billion available in the month of March 2025 by N4.647 billion.
The communiqué stated that from the N1,681. 228 trillion total distributable revenue, the Federal Government received total sum of N565.307 billion and the State Governments received total sum of N556.741 billion.
The Local government Councils received N406.627 billion, while N152.553 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
On the N962.882 billion distributable statutory revenue, the communiqué stated that the Federal Government received N431.307 billion while the State Governments received N218.765 billion.
The Local Government Councils received N168.659 billion and the sum of N144. 151 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N598.077 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N89.712 billion, the State Governments received N299.039 billion and the Local Government Councils received N209.327 billion.
A total sum of N5.829 billion was received by the Federal Government from the N38.862 billion Electronic Money Transfer Levy (EMTL).
The State Governments received N19.431 billion and the Local Government Councils received N13.602 billion.
From the N81.407 billion Exchange Difference, the communiqué stated that the Federal Government received N38.459 billion and the State Governments received N19.507 billion.
The Local Government Councils received N15.039 billion, while the sum of N8.402 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
In April 2025, Petroleum Profit Tax(PPT), Oil and Gas Royalty, Electronic Money Transfer Levy (EMTL), Value Added Tax (VAT), Excise Duty, Import Duty and CET Levies increased significantly while Companies Income Tax (CIT) decreased considerably.
(vitalnewsngr.com)
