Friday 21 June 2024
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businesspost - 1 month ago

FG, States, Councils Get N1.208trn Allocation for May 2024

By Adedapo Adesanya The Federation Account Allocation Committee (FAAC) has shared the sum of N1.208 trillion from the earnings generated in April 2024 to the federal government, states and Local Government Councils (LGCs) as their share of revenue allocation in May 2024. The revenue was shared on Thursday at the FAAC meeting for this month in Abuja. A communiqué issued by the committee said the N1.208 trillion total distributable revenue comprised statutory revenue of N284.716 billion, Value Added Tax (VAT) revenue of N466.457 billion, Electronic Money Transfer Levy (EMTL) revenue of N18.024 billion, and Exchange Difference revenue of N438.884 billion.


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