The Federation Account Allocation Committee (FAAC) has approved the sharing of a total sum of N786.161 billion to the three tiers of government as revenue accruals into the federation account from May, 2023.
The amount includes gross statutory revenue, Value Added Tax (VAT), electronic money transfer levy and exchange rate differential.
From the gross revenue, the federal government received N301.889 billion, 36 states received N265.875 billion, the 774 local government areas got N195.541 billion, while the oil producing states received N22.855 billion as 13 per cent derivation.
The gross statutory revenue of N701.787 billion received for the month was higher than the sum of N497.463 billion received in the previous month of April, 2023.
From that amount, the sum of N26.831 billion was allocated for cost of collection and a total sum of N155.411 billion for transfers and refunds.
The remaining balance of N519.545 billion was distributed as follows: federal government was allocated the sum of N261.686 billion, states got N132.731 billion, LGAs got N102.330 billion, and oil derivation gulp N22.798 billion.
According to a statement that was issued at the end of the monthly FAAC meeting yesterday, N270.197 billion came in from VAT, which is an increase from the N217.743 billion distributed in the preceding month.
From that amount, the Federal Inland Revenue Service took the sum of N10.808 billion as costs of tax collection and the sum of N7.782 billion given for transfers and refunds. The remaining sum of N251.607 billion was distributed to the three tiers of government of which the federal government got N37.741 billion, states: N125.804 billion, and LGAs: N88.062 billion.
Also, the sum of N14.969 billion from electronic money transfer levy was distributed to the three tiers of government as follows: the federal government received N2.155 billion, States got N7.185 billion, LGAs received N5.030 billion, and N0.599 billion was allocated for cost of collection, the statement said.
Also, the N0.639 billion that was received from the exchange differential was shared saw the federal government taking N0.307 billion, states N0.156 billion, the sum of N0.119 billion allocated to the local governments, and N0.057 billion given for 13 percent derivation.
The FAAC report showed that the total revenue distributable for the current month of May, was drawn from statutory revenue of N519.545 billion, VAT of N251.607 billion, N14.370 billion from electronic transfer, N0.639 billion from exchange difference, bringing the total distributable amount for the month of May, 2023 to N786.161 billion.
The balance in the Excess Crude Account (ECA) as at June 22, 2023 stands at $473,754.57.
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