FG, states, LGAs get N786bn FAAC revenue for May

The Nigerian Federal, states and local governments have received N786.16 billion from the Federation Account Allocation Committee (FAAC) as revenue for the month of May 2023.

This is disclosed in a communiqué issued at the end of a meeting chaired by the new Accountant General of the Federation, Dr. Oluwatoyin Madein on Wednesday.

The figure represents an increase of N130.23 billion compared to the N655.93 billion shared in April 2023, and it is the highest this year and the first increase following a constant decline since January.

The total amount includes gross statutory revenue, Value Added Tax, Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levies.

“The N786.16 billion total distributable revenue comprised distributable statutory revenue of N519.55 billion, distributable Value Added Tax revenue of N251.61 billion, Electronic Money Transfer Levy of N14.37 billion, and Exchange Difference revenue of N0.64 billion,” the communiqué reads.

The Federal Government received N301.89 billion, the states received N265.88 billion, and the local government councils got N195.54 billion while the oil-producing states received N22.86 billion as derivation (13 percent of mineral revenue).

A breakdown showed that “Gross statutory revenue of N701.79 billion was received for the month of May 2023. This was higher than the sum of N497.46 billion received in the previous month by N204.324 billion.”

It was noted that from the N519.55 billion distributable statutory revenue, the Federal Government got N261.69 billion, the State Governments received N132.73 billion and the Local Government Councils received N102.33bn billion. The sum of N22.8bn billion was shared to the relevant States as 13 percent derivation revenue.

Also, “For the month of May 2023, the gross revenue available from the Value Added Tax was N270.2 billion. This was higher than the N217.74bn billion available in the month of April 2023 by N52.45 billion.

“The Federal Government received N37.74bn, the State Governments received N125.80bn and the Local Government Councils received N88.06bn from the N251.61bn distributable Value Added Tax revenue.

“The N14.37bn Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.16bn, the State Governments received N7.189bn and the Local Government Councils received N5.03bn.

“From the N0.64bn Exchange Difference revenue, the Federal Government received N0.31bn, the State Governments received N0.16bn, the Local Government Councils received N0.12bn and the sum of N0.06bn was shared to the relevant States as 13 per cent mineral revenue,” the communiqué further reads.

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