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FAAC MEETING: Over N1.1trn May Revenue Shared Among Federal, States, and LGAs

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Over N1.14 trillion 2024 May Federation Accounts Revenue has been shared to the Federal Government, States, and Local Government Councils in the country.

A statement by the Director, Press and Public Relations, Office of the Accountant General of the Federation, Mr. Bawa Mokwa, said.

The Federation Accounts Allocation Committee (FAAC) disclosed this in a Communiqué issued at the end of its latest meeting.

The FAAC June 2024 Meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

According to Mr. Mokwa, the Communiqué revealed that the total distributable revenue comprised Distributable Statutory Revenue, Distributable Value Added Tax Revenue, Electronic Money Transfer Levy Revenue, and Exchange Difference Revenue.

The statement disclosed that total revenue of over two billion was available in the month of May 2024 while the total deduction for the cost of collection was over seventy billion while total transfers, interventions, and refunds was over one thousand billion.

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