FAAC Distributes N1.143 Trillion Among Federal, State, and Local Governments in May 2024
— In a recent financial update, a total of N1.143 trillion from the Federation Accounts Revenue has been allocated to the Federal Government, States, and Local Government Councils for the month of May 2024. This was disclosed in a press release by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation, on Monday.
The June 2024 meeting of the Federation Accounts Allocation Committee (FAAC) was presided over by Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
The distributable revenue, amounting to N1.143 trillion, comprised various components: N157.183 billion in distributable statutory revenue, N463.425 billion from Value Added Tax (VAT) revenue, N15.146 billion from the Electronic Money Transfer Levy (EMTL), and N507.456 billion from Exchange Difference revenue.
According to the report, the total revenue generated in May 2024 was N2.324 trillion. Out of this, N76.647 billion was deducted for collection costs, while N1.105 trillion was used for various interventions and refunds.
This allocation comes amid efforts to ensure equitable distribution of national resources among different tiers of government, enabling them to meet their financial obligations and drive development projects.
The distribution of funds is crucial for the execution of federal, state, and local government programs, which are essential for the overall economic stability and growth of the country. The allocation of N1.143 trillion underscores the federal government’s commitment to maintaining financial stability and supporting local governance structures across Nigeria.
