The Federation Account Allocation Committee (FAAC) at its meeting yesterday in Abuja shared a total sum of N786.161 billion to the three tiers of government as federation allocation for the month of May, 2023.
The figure was contained in a communique released by Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant General of the Federation.
“The N786.161bn total distributable revenue comprised distributable statutory revenue of N519.545bn, distributable Value Added Tax (VAT) revenue of N251.607bn, Electronic Money Transfer Levy (EMTL) of N14.370bn, and Exchange Difference revenue of N0.639bn.
In May 2023, the total deduction for cost of collection was N38.238 billion and total deductions for transfers and refunds was N163.193 billion. Also, the balance in the Excess Crude Account (ECA) was $473,754.57,” the communique stated.
Sign bill, end dichotomy between HND, B.SC – SSANIP to FG
FAAC shares N786bn May revenue to FG, states, LGCs
It added that gross statutory revenue of N701.787bn was received for the month of May 2023, higher than the sum of N497.463bn received in the previous month by N204.324bn.
Out of the figure, the federal government received N37.741bn, the state governments received N125.804bn and the Local Government Councils received N88.062bn from the N251.607bn distributable Value Added Tax (VAT) revenue.
The communiqué added stated that from the total distributable revenue of N786.161 billion; the Federal Government received N301.889 billion, the State Governments received N265.875 billion and the Local Government Councils received N195.541 billion. A total sum of N22.855 billion was also shared to the relevant States as 13% derivation revenue.
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