FAAC shares N786bn May revenue to FG, states, LGCs

The Federation Account Allocation Committee (FAAC) has shared a total sum of N786.161 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 N786.161 billion total distributable revenue comprised statutory revenue of N519.545 billion and Value Added Tax (VAT) revenue of N251.607 billion.

It also contained an Electronic Money Transfer Levy (EMTL) of N14.370 billion and Exchange Difference revenue of N639 million.

“In May 2023, the total deductions for cost of collection was N38.238 billion and total deductions for transfers and refunds was N163.193 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 N786.161 billion; the Federal Government received N301.889 billion, State Governments, N265.875 billion and LGCs, N195.541 billion.

“A total sum of N22.855 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 N204.324 billion.

“Gross statutory revenue of N701.787 billion was received for the month of May 2023.

“This was higher than the sum of N497.463 billion received in the previous month by N204.324 billion.

“From the N519.545 billion distributable statutory revenue, the Federal Government received N261.686 billion, the State Governments received N132.731 billion and the LGCs received N102.330 billion.

“The sum of N22.798 billion was shared to the relevant States as 13 per cent derivation revenue,” the communiqué said.

It said in the month of May, the gross revenue available from the Value Added Tax (VAT) was N270.197 billion.

“This was higher than the N217.743 billion available in the month of April by N52.454 billion.

“The Federal Government received N37.741 billion, the State Governments received N125.804 billion, and the LGCs received N88.062 billion from the N251.607 billion distributable VAT revenue.

“The N14.370 billion EMTL was shared as follows:

“The Federal Government received N2.155 billion, the State Governments received N7.185 billion and the LGCs received N5.030 billion,” it said.

It further clarified that from the N639 million Exchange Difference revenue, the Federal Government received N307 million, State Governments, N156 million, and the LGCs received N119 million.

“The sum of N57 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.

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