FG, states, LGAs share N786.1bn for May

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The federal government, 36 states, and 774 local government councils in the country on Thursday shared N786.16 billion as revenue allocation for the month of May.

The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of its meeting chaired by the Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, in Abuja.

According to FAAC, the total distributable revenue comprised statutory revenue of N519.545 billion and Value Added Tax (VAT) revenue of N251.607 billion.

It also includes an Electronic Money Transfer Levy (EMTL) of N14.370 billion and an Exchange Difference revenue of N639 million.

The communiqué read: “In May 2023, the total deductions for the cost of collection stood at N38.238 billion and N163.193 billion as total deductions for transfers and refunds.

“The balance in the Excess Crude Account (ECA) was $473,754.57.

“From the total distributable revenue of N786.161 billion; the Federal Government received N301.889 billion, State Governments, N265.875 billion, and LGCs N195.541 billion.

“A total sum of N22.855 billion was shared to the relevant States as 13 percent derivation revenue.”

FAAC added that the revenue allocation for May surpassed that of April by N204.324 billion.

READ ALSO: FG, states, LGAs share N714.6bn as March allocation

“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.

“From the N519.545 billion distributable statutory revenue, the Federal Government received N261.686 billion, the State Governments received N132.731 billion and the LGCs received N102.330 billion.

“The sum of N22.798 billion was shared to the relevant States as 13 per cent derivation revenue.

“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 by N52.454 billion.

“The Federal Government received N37.741 billion, the State Governments received N125.804 billion and the LGCs received N88.062 billion from the N251.607 billion distributable VAT revenue.

“The N14.370 billion EMTL was shared as follows:

“The Federal Government received N2.155 billion, the State Governments received N7.185 billion and the LGCs received N5.030 billion.”

 

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