FG, States, and LGs Share N1.1 Trillion FAAC Allocation

The Federation Accounts Allocation Committee (FAAC) has allocated N1.143 trillion to the Federal Government, States, and Local Governments.

This was disclosed in a communiqué following the committee’s meeting in Abuja, chaired by Finance Minister, Wale Edun.

The distribution of funds is as follows:

• Federal Government: N365.813 billion
• States: N388.419 billion
• Local Governments: N282.476 billion
• Derivation revenue (13% of mineral revenue): N106.502 billion

The revenue sources for this allocation include:

• Statutory revenue: N157.183 billion
• Value Added Tax (VAT): N463.425 billion
• Electronic Money Transfer Levy (EMTL): N15.146 billion
• Exchange Difference revenue: N507.456 billion

The communiqué highlighted significant increases in Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) in May, while other revenue sources experienced declines.
The balance in the Excess Crude Account (ECA) stands at $473,754.57.