The Federation Account Allocation Committee (FAAC) has distributed a total of N786.161 billion in May 2023 Federation Account Revenue to the Federal Government of Nigeria, States, and Local Government Councils (LGCs) under President Bola Ahmed Tinubu.
This was stated in a communiqué issued at the conclusion of the FAAC meeting for June, which was presided over by the Accountant General of the Federation (AGF), Oluwatoyin Madein.
According to the communiqué, the N786.161 billion total distributable revenue included N519.545 billion in statutory revenue and N251.607 billion in Value Added Tax (VAT).
It also included a N14.370 billion Electronic Money Transfer Levy (EMTL) and an N639 million Exchange Difference revenue.
“In May 2023, the total deductions for the 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 also 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.
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