FAAC shares N1.2 trn to FG, States, LGs - NEWS FRONTIER DAILY

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Wednesday, September 18, 2024

FAAC shares N1.2 trn to FG, States, LGs





The Federation Account Allocation Committee (FAAC), has shared the sum of N1.203  trillion to Federal, States and Local governments.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, chaired yesterday's FAAC, in Abuja, according to the Ministry's spokesman, Mr. Mohammed Manga. 

He said gross revenue of N2.278 trillion was realised from Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference (ED) in the month of August. 

A breakdown of the allocations shoved that the Federal Government received N374.925 billion, the States received N422.861 billion, while the Local Government Councils got N306.533 billion.

The Oil Producing States received extra N99.474 billion as Derivation, as 13% of Mineral Revenue.

The sum of N81.975 billion was given to the revenue agencies as the cost of collection, while N992.617 billion was allocated for Transfers, Intervention and Refunds.

The revenue details showed VAT for the month of August 2024, was N573.341 billion as against N625.329 billion distributed in the preceding month, resulting in a decrease of  N51.988 Billion.

From that amount, the sum of N22.934 billion was allocated for the cost of collection and the sum of N16.512 Billion given for Transfers, Intervention and Refunds. 

The remaining sum of N533.895 billion was distributed  to the three tiers of government as follows: Federal government N80.084 billion;  States, N266.948 billion and Local Government Councils, N186.863 billion.

 The Gross Statutory Revenue of N1.221Trillion received in the month under review was lower than the sum of N1.387 received in the previous month by N165.994.

 From the stated amount, the sum of N58.415 billion was allocated for the cost of collection and a total sum of N976.105 billion for Transfers, Intervention and Refunds.

The remaining  balance of  N186.636 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N71.624 Billion, States received N36.329 Billion, the sum of N28.008 Billion was allocated to LGCs and N50.675 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N15.643 Billion from  Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.252 Billion, States got N7.509 Billion, Local Government Councils received N5.256 Billion, while N0.626 Billion was allocated for Cost of Collection.

The sum of N468.245 Billion from Exchange Difference, which was shared as follows: Federal Government received N220.964 Billion, States got N112.076 Billion, the sum of N86.406 Billion was allocated to Local Government Councils, N48.799 Billion was given for Derivation (13% of Mineral Revenue).

The Companies Income Tax (CIT), Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL),  Petroleum Profit Tax (PPT), Oil and Gas Royalty and Customs External Tarrif levies (CET) all  recorded decreases.

The balance in the Excess Crude Account (ECA) as at September 2024 was put at $473.754.57.

Mr.  Edun was quoted as saying, "we have a President whose actions is in line with the Rule of Law and he is making sure that whatever the country is going through is a stringent economic conditions aimed at repositioning the economy for the benefit and future of our country"

He emphasised that the economic policies of.President Bola Tinubu are "for our own good. We have to go through turbulent situation before the economy will stabilize for good, " adding,  "We have to play our own role, we have to fasten our belts"





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