The Federation Account Allocation Committee (FAAC) has shared a total sum of N786.161 billion May 2023 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was according to 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.
Components of the N786.161 billion total distributable revenue:
- Statutory revenue: N519.545 billion,
- Distributable Value Added Tax (VAT) revenue: N251.607 billion,
- Electronic Money Transfer Levy (EMTL): N14.370 billion,
- Exchange Difference revenue: 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 communique said.
“The balance in the Excess Crude Account (ECA) was $473,754.57.”
How the total distributable revenue of N786.161 billion was shared:
- The Federal Government: N301.889 billion
- State Governments: N265.875 billion
- Local Government Councils: N195.541 billion.
- 13% derivation revenue: N22.855 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.
How the N519.545 billion distributable statutory revenue was shared:
- The Federal Government: N261.686 billion,
- State Governments: N132.731 billion
- Local Government Councils: N102.330 billion
- 13% derivation revenue: N22.798 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 2023 by N52.454 billion.
How the N251.607 billion distributable VAT revenue was shred
- The Federal Government: N37.741 billion,
- State Governments: N125.804 billion
- Local Government Councils: N88.062 billion
The N14.370 billion Electronic Money Transfer Levy (EMTL) was shared as follows:
- Federal Government: N2.155 billion,
- State Governments: N7.185 billion
- Local Government Councils: N5.030 billion.
The N639 million Exchange Difference revenue was shared as follows:
- Federal Government: N307 million
- State Governments: N156 million
- Local Government Councils: N119 million
- 13 percent mineral revenue: N57 million
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.