The Federation Account Allocation Committee (FAAC) announced that the three tiers of government shared N1.14 trillion in May, a decrease of N60 billion compared to April's N1.20 trillion allocation, driven by lower oil and non-oil revenues.
The Federation Account Allocation Committee (FAAC) announced that the three tiers of government shared N1.14 trillion for May, a decrease of N60 billion from the N1.20 trillion shared in April. This was detailed in a communiqué issued at FAAC's June meeting, chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
The total revenue of N1.14 trillion for May comprised statutory revenue of N157 billion and value-added tax (VAT) revenue of N463 billion. Additionally, the revenue included N15 billion from the electronic money transfer levy (EMTL) and N507 billion from exchange difference revenue. The total available revenue for May was N2.32 trillion.
FAAC reported that the total deduction for the cost of collection was N76.647 billion, while total transfers, interventions, and refunds amounted to N1.104 trillion. Gross statutory revenue for May was N1.223 trillion, a slight decrease from the N1.233 trillion received in April.
Breaking down the N1.14 trillion, the federal government received N365 billion, state governments received N388 billion, and local governments received N282 billion. Additionally, N106 billion was allocated to states as 13 percent derivation revenue. From the N157.183 billion statutory revenue, the federal government got N61 billion, states received N30.9 billion, and local governments received N23.8 billion.
The VAT revenue of N463 billion was distributed with the federal government receiving N69 billion, states N231 billion, and local governments N162 billion. The federal government also received N2.2 billion from the N15 billion EMTL, while states and local governments received N7.5 billion and N5.3 billion, respectively.
FAAC noted significant increases in companies income tax (CIT) and petroleum profit tax (PPT) for May, while revenues from import and excise duties, royalty crude and gas, EMTL, CET levies, and VAT saw considerable decreases. The balance in the excess crude account remained at $473.754 million.
