FG, States, LGs Receives N1.208trn As April Revenue-FAAC

In April 2024, the three tiers of government, federal, states, and local government councils received a total of N1.208 trillion as federation revenue. 

This amount was approved at the May 2024 Federation Accounts Allocation Committee (FAAC) meeting in Abuja. 

The revenue consisted of 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 (EMTL) revenue, and N438.884 billion from Exchange Difference revenue.

The total revenue available in April 2024 was N2.192.077 trillion, with N80.517 billion deducted for collection costs and N903.479 billion allocated for transfers, interventions, and refunds.

The gross statutory revenue for the month was N1.233 trillion, an increase of N216.282 billion from March 2024. Additionally, the gross revenue from Value Added Tax (VAT) in April 2024 was N500.920 billion, a decrease of N48.778 billion from March 2024.

Out of the N1.208 trillion distributable revenue, the federal government received N390.412 billion, state governments received N403.403 billion, and local government councils received N293.816 billion. Furthermore, N120.450 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.

Regarding the N284.716 billion distributable statutory revenue, the Federal Government received N112.148 billion, State Governments received N56.883 billion, and Local Government Councils received N43.855 billion. Additionally, N71.830 billion (13% of mineral revenue) was shared with benefiting states as derivation revenue.