FAAC Allocates N1.14tn to Federal, State, and Local Governments in April
In April 2024, a total of N1.149.816 trillion was distributed by the Federation Account Allocation Committee (FAAC) to the federal, state, and local governments.
The disclosure was made by Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation, in a communique following the FAAC meeting in May.
The revenue breakdown included distributable statutory revenue of N284.716 billion, distributable Value Added Tax (VAT) revenue of N466.457 billion, electronic money transfer levy revenue of N18.024 billion, and exchange difference revenue of N438.884 billion.
In total, there was N2,192.077 billion available revenue in April 2024. Deductions for the cost of collection amounted to N80.517 billion, with total transfers, intervention...