FAAC Shares N680.783bn May Revenue With FG, States, LGAs

The Federation Account Allocation Committee (FAAC) has shared N680.783 billion from the May 2022 Federation Account Revenue to Federal Government, States and Local Government Councils.

This is contained in a communiqué at the end of the FAAC meeting for June 2022 in Abuja.

The N680.783 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.

In May 2022, the total deductions for cost of collection were N36.996 billion and total deductions for transfers and refunds N186.672 billion.

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

The communiqué confirmed that from the total distributable revenue of N680.783 billion; the Federal Government received N229.563 billion, the State Governments received N241.824 billion and the Local Government Councils received N175.942 billion.

N33.454 billion was shared to the relevant States as 13 percent derivation revenue.

From the N385.004 billion distributable statutory revenue, the Federal Government received N185.197 billion, the State Governments received N93.934 billion and the Local Government Councils received N72.419 billion. The sum of N33.454 billion was shared to the relevant States as 13 percent derivation revenue.

In May, the gross revenue available from the Value Added Tax (VAT) was N213.179 billion. This was higher than the N178.825 billion available in the month of April 2022 by N34.354 billion.

From the N198.512 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N29.777 billion, the State Governments received N99.256 billion and the Local Government Councils received N69.479 billion.

The Federal Government received N14.590 billion; the State Governments received N48.634 billion and the Local Government Councils received N34.043 billion from the N97.267 billion Electronic Money Transfer Levy (EMTL).

According to the communiqué in the month of May 2022, Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable increases, Import Duty increased marginally while Petroleum Profit Tax (PPT) and Excise Duties decreased marginally. Oil and Gas Royalties decreased significantly.