The Federation Account Allocation Committee (FAAC) has shared a total sum of ₦786.161 billion May 2023 Federation Account Revenue to Federal Government, States and Local Government Councils (LGCs).
This is according to a communiqué issued at the end of the FAAC meeting for June, chaired by the Accountant General of the Federation (AGF), Dr Oluwatoyin Madein.
The communiqué stated that the ₦786.161 billion total distributable revenue comprised statutory revenue of ₦519.545 billion and Value Added Tax (VAT) revenue of ₦251.607 billion.
It also contained Electronic Money Transfer Levy (EMTL) of ₦14.370 billion, and Exchange Difference revenue of ₦639 million.
“In May 2023, the total deductions for cost of collection was ₦38.238 billion and total deductions for transfers and refunds was ₦163.193 billion.
“The balance in the Excess Crude Account (ECA) was 473,754.57 dollars,” it said.
The communiqué stated that from the total distributable revenue of ₦786.161 billion; the Federal Government received ₦301.889 billion, State Governments, ₦265.875 billion and LGCs, ₦195.541 billion.
“A total sum of ₦22.855 billion was shared to the relevant States as 13 per cent derivation revenue,” it stated.
It added that the revenue received in May surpassed that of April by ₦204.324 billion.
“Gross statutory revenue of ₦701.787 billion was received for the month of May 2023.
“This was higher than the sum of ₦497.463 billion received in the previous month by ₦204.324 billion.
“From the ₦519.545 billion distributable statutory revenue, the Federal Government received ₦261.686 billion, the State Governments received ₦132.731 billion and the LGCs received ₦102.330 billion.
“The sum of ₦22.798 billion was shared to the relevant States as 13 per cent derivation revenue,” the communiqué said.
It said the in month of May, the gross revenue available from the Value Added Tax (VAT) was ₦270.197 billion.
“This was higher than the ₦217.743 billion available in the month of April by ₦52.454 billion.
“The Federal Government received N37.741 billion, the State Governments received ₦125.804 billion and the LGCs received N88.062 billion from the ₦251.607 billion distributable VAT revenue.
“The ₦14.370 billion EMTL was shared as follows:
“The Federal Government received ₦2.155 billion, the State Governments received ₦7.185 billion and the LGCs received ₦5.030 billion,” it said.
It further clarified that from the ₦639 million Exchange Difference revenue, the Federal Government received ₦307 million, State Governments, ₦156 million, and the LGCs received ₦119 million.
“The sum of ₦57 million was shared to the relevant states as 13 per cent mineral revenue,” it said.
According to the communiqué, in the month of May, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Value Added Tax (VAT), Import and Excise Duties increased significantly, while EMTL decreased marginally.