By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Times ReportersTimes Reporters
  • Home
  • News
  • Politics
  • Business
    • Economy
  • Sports
  • Entertainment
  • About Us
  • Bookmarks
Search
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Reading: FG, States, LGCs Share N1,143.210 Billion May 2024 Revenue
Share
Sign In
Notification Show More
Latest News
Former NNPCL CFO Dismisses Reports of EFCC Detention on Fraud Charges
Business News Oil & Gas
Abia Assembly passes 37 bills in 2 years
Legal/Courts Metro News Politics
NANDRUM backs Senate’s bid to establish Nat. Inst. on Drug Abuse
Civil Society Organisations Metro News
Educationist advocates strong monitoring structure for IDP education
Education News
NIMC Trains Corps Members For Nationwide NIN Ward Enrolment
Business Metro News
Aa
Times ReportersTimes Reporters
Aa
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Search
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • About Us
Have an existing account? Sign In
Follow US
  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
© 2024 Times Reporters | All Rights Reserved.
Times Reporters > Business > Economy > FG, States, LGCs Share N1,143.210 Billion May 2024 Revenue
BusinessEconomyNews

FG, States, LGCs Share N1,143.210 Billion May 2024 Revenue

Publisher
By Publisher Published June 11, 2024
Share
4 Min Read
SHARE

A total sum of N1,143.210 billion May 2024 Federation Accounts Revenue has been shared to the Federal Government, States and Local Government Councils in the country.

Bawa Mokwa, the Director of Press and Public Relations, in a statement, stated that the revenue was shared at 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 the Federation Accounts Allocation Committee (FAAC) revealed that the N1,143.210 billion total distributable revenue comprised distributable statutory revenue of N 157.183 billion, distributable Value Added Tax (VAT) revenue of N463.425 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.146 billion and Exchange Difference revenue of N507.456 billion.

- Advertisement -
Ad image

Total revenue of N2,324.792 billion was available in the month of May 2024. Total deduction for cost of collection was N76.647 billion while total transfers, interventions and refunds was N1,104.935 billion.

Gross statutory revenue of N1,223.894 billion was received for the month of May 2024. This was lower than the sum of N1,233.498 billion received in the month of April 2024 by N9.604 billion.

The gross revenue of N497.665 billion was available from the Value Added Tax (VAT) in May 2024. This was lower than the N500.920 billion available in the month of April 2024 by N3.255 billion.

The communiqué confirmed that from the N1,143.210 billion total distributable revenue, the Federal Government received total sum of N365.813 billion, the State Governments received total sum of N388.419 billion and the Local Government Councils received total sum of N282.476 billion.

A total sum of N106.502 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

On the N157.183 billion distributable statutory revenue, the communiqué stated that the Federal Government received N61.010 billion, the State Governments received N30.945 billion and the Local Government Councils received N23.857 billion. The sum of N41.371 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

The Federal Government received N69.514 billion, the State Governments received N231.713 billion and the Local Government Councils received N162.199 billion from the N463.425 billion distributable Value Added Tax (VAT) revenue.

A total sum of N2.272 billion was received by the Federal Government from the N15.146 billion Electronic Money Transfer Levy (EMTL). The State Governments received N7.573 billion and the Local Government Councils received N5.301 billion.

From the N507.456 billion Exchange Difference revenue, the Federal Government received N233.017 billion, the State Governments received N118.189 billion and the Local Government Councils received N91.119 billion. A total sum of N65.131 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.

According to the communiqué, in the month of May 2024, Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) increased significantly while Import and Excise Duties, Royalty Crude and Gas, Electronic Money Transfer Levy (EMTL), CET Levies and Value Added Tax (VAT) recorded considerable decreases. The balance in the ECA was $473,754.57.

Like this:

Like Loading...

Related

You Might Also Like

Former NNPCL CFO Dismisses Reports of EFCC Detention on Fraud Charges

Abia Assembly passes 37 bills in 2 years

NANDRUM backs Senate’s bid to establish Nat. Inst. on Drug Abuse

Educationist advocates strong monitoring structure for IDP education

NIMC Trains Corps Members For Nationwide NIN Ward Enrolment

TAGGED: Allocation, FAAC

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Publisher June 11, 2024
Share this Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Copy Link Print
Share
Previous Article Trade modernization project ‘ll be game changer for Customs’ revenue processes
Next Article Railways: Retrofitting Locomotives From Diesel To Gas Reaches Advance Stage
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe
Telegram Follow

– Member of –

- Advertisement -
Ad imageAd image

Latest News

Former NNPCL CFO Dismisses Reports of EFCC Detention on Fraud Charges
Business News Oil & Gas June 25, 2025
Abia Assembly passes 37 bills in 2 years
Legal/Courts Metro News Politics June 25, 2025
NANDRUM backs Senate’s bid to establish Nat. Inst. on Drug Abuse
Civil Society Organisations Metro News June 25, 2025
Educationist advocates strong monitoring structure for IDP education
Education News June 24, 2025

You Might also Like

BusinessNewsOil & Gas

Former NNPCL CFO Dismisses Reports of EFCC Detention on Fraud Charges

June 25, 2025
Legal/CourtsMetroNewsPolitics

Abia Assembly passes 37 bills in 2 years

June 25, 2025
Civil Society OrganisationsMetroNews

NANDRUM backs Senate’s bid to establish Nat. Inst. on Drug Abuse

June 25, 2025
EducationNews

Educationist advocates strong monitoring structure for IDP education

June 24, 2025
Times ReportersTimes Reporters
Follow US

© 2024 Times Reporters | Deigned by AuspiceWeb Graphics. All Rights Reserved.

  • Home
  • About Us
  • Advertise
  • Join Us
  • Terms of Use
  • Privacy Policy
Join Us!

Subscribe to our newsletter and never miss our latest news!

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?
%d