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FAAC shares N786bn as MAY 2023 Revenue

New Naira notes. Photo: Radio Nigeria/Archive

The Federation Account Allocation Committee (FAAC) has distributed a total sum of N786.161 billion as May 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for June 2023; Chaired by the Accountant General of the Federation, Dr Oluwatoyin Madein.

The total sum comprised distributable statutory revenue of N519.545 billion, distributable Value Added Tax (VAT) revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion.

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 was $473,754.57.

The communiqué indicated that the Federal Government received N301.889 billion, the State Governments received N265.875 billion and the Local Government Councils received N195.541 billion.

The sum of N22.855 billion was shared to the relevant States as 13% derivation revenue.

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 April by N204.324 billion.

For the month of May 2023, 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 Local Government Councils received N88.062 billion from the N251.607 billion distributable Value Added Tax (VAT) revenue.

Writing by Biodun Dare; Editing by Annabel Nwachukwu