FG, States, LGCs Receive N680.783 Billion Revenue In May – FAAC

The Federation Account Allocation Committee(FAAC) has said that a total sum of N680.783 Billion May federal account revenue was shared to the Federal Government, States and Local Government Councils.

FAAC disclosed this in a communiqué issued at the end of its June meeting held in Abuja.

It said the N680.78 billion total distributable revenue comprised distributable statutory revenue of N385.004 billion, distributable value added tax(VAT) revenue of N198.512 billion and electronic money transfer levy (EMTL) revenue of N97.267 billion.

The total deductions for cost of collection was N36.996 billion and for transfers and refunds was N186.672 billion in May.

The committee disclosed that the balance in the Excess Crude Account (ECA) stands at $35.377 million.

From the total distributable revenue of N680.783 billion, the federal government received N229.563 billion; state governments, N241.824 billion; and LGCs, N175.942 billion.

The sum of N33.454 billion was shared to the relevant States as 13 per cent derivation revenue,” it explained.

FAAC said a gross statutory revenue of N589.952 billion was received for the month of May, which was relatively lower than the N635.037 billion received in the previous month(April) by N45.085 billion.

The committee also explained that from the N385.004 billion distributable statutory revenue, the federal government received N185.197 billion; state governments, N93.934 billion; and the LGCs, N72.419 billion.

“The sum of N33.454 billion was shared to the relevant States as 13 per cent derivation revenue,” it said.

In the month under review, the gross revenue available from the VAT was N213.179 billion, higher than the N178.825 billion available in the month of April by N34.354 billion

From the N198.512 billion distributable VAT revenue, FAAC said the federal government received N29.777 billion; state governments, N99.256 billion; and the LGCs, N69.479 billion, respectively.

It also said the federal government received N14.590 billion; state governments, N48.634 billion; and the LGCs, N34.043 billion respectively from the N97.267 billion EMTL.

While companies income tax(CIT) and VAT recorded considerable increases in the month under review, and Import Duty increased marginally, petroleum profit tax(PPT) and excise duties decreased marginally even as oil and gas royalties decreased significantly, the committee added.

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