FAAC: FG, states, LGAs shared N1.2trn in April – up by N85bn

FAAC: FG, states, LGAs shared N1.2trn in April – up by N85bn

May 17, 2024 0 By Fasholu Gabriel Oluwatobi

The federation account allocation committee (FAAC) says the three tiers of government shared N1.2 trillion in April.

This was contained in a communiqué issued at the end of the FAAC meeting for May 2024 by Bawa Mokwa, director of press and public relations in the office of the accountant-general of the federation (OAGF), on Thursday.

The figure represents an increase of N85 billion compared to the N1.12 trillion shared in March.

FAAC said the allocation comprises distributable statutory revenue of N284 billion, distributable value-added tax (VAT) revenue of N466 billion, electronic money transfer levy (ETML) revenue of N18 billion, and exchange difference revenue of N438 billion.

The committee said the total revenue of N2.1 trillion was available in the month of April 2024, adding that the total deduction for the cost of collection was N80 billion; total transfers, interventions and refunds was N903 billion.

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