The Federation Accounts Allocation Committee (FAAC) has disbursed a total sum of N1.143 trillion to the three tiers of government from the May Federation Accounts revenue, which amounted to N2.324 trillion.
According to a communique issued at the end of the FAAC meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the total distributable revenue included N157.183 billion from distributable statutory revenue, N463.425 billion from distributable Value Added Tax (VAT) revenue, N15.146 billion from Electronic Money Transfer Levy (EMTL) revenue, and N507.456 billion from Exchange Difference revenue.
After deducting the total cost of collection amounting to N76.647 billion, the total transfers, interventions, and refunds summed up to N1,104.935 billion.
In terms of gross revenue, N1.223 trillion was received in May, slightly lower than the N1.233 trillion received in April by N9.604 billion. Additionally, VAT revenue amounted to N497.665 billion, lower than the N500.920 billion recorded in April by N3.255 billion.
From the total distributable revenue of N1.143 trillion, the Federal Government received N365.813 billion, the State Governments received N388.419 billion, and the Local Government Councils received N282.476 billion.
Furthermore, N106.502 billion (13% of mineral revenue) was allocated to oil-producing states as derivation revenue.
Breakdowns indicated that the Federal Government received N61.010 billion from the distributable statutory revenue, N69.514 billion from distributable VAT revenue, N2.272 billion from Electronic Money Transfer Levy (EMTL) revenue, and N233.017 billion from Exchange Difference revenue.
Significant increases were observed in Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT), while Import and Excise Duties, Royalty Crude and Gas, EMTL, CET Levies, and VAT recorded considerable decreases.
The balance in the Excess Crude Account (ECA) was reported to be $473,754.57.
