During the May 2024 meeting of the Federation Accounts Allocation Committee (FAAC), Nigeria disbursed a total of N1,208.081 billion in revenue to the Federal Government, states, and local government councils. This allocation, derived from various revenue sources, reflects the nation’s ongoing efforts to distribute financial resources equitably among its governing bodies.
The breakdown of the revenue shared includes N284.716 billion from distributable statutory revenue, N466.457 billion from distributable Value Added Tax (VAT) revenue, N18.024 billion from electronic money transfer levy revenue, and N438.884 billion from exchange difference revenue. Additionally, the balance in the Excess Crude Account (ECA) for the previous month stood at $473,754.57, further indicating the financial status of the nation’s accounts.
Despite economic fluctuations, April 2024 saw an increase in gross statutory revenue, totaling N1,233.498 billion, compared to N1,017.216 billion in March 2024. However, there was a slight decrease in VAT revenue, amounting to N500.920 billion, down from N549.698 billion in the previous month.
Source: Channels