FAAC Distributes N786bn To FG, States, LGs As May 2023 Allocation
FROM EDMOND ODOK – The three tiers of government, Federal, State, and Local Governments, have received a total of N786.161 billion from the Federation Account Allocation Committee (FAAC) as their shared revenue for the month of May 2023
According to the communiqué issued at the end of the FAAC meeting in Abuja on Thursday, the N786.161 billion total distributable revenue consists of distributable statutory revenue of N519.545 billion, distributable Value Added Tax (VAT) revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion.
The communique also indicated that a total of N38.238 billion was deducted as the cost of collection paid to the revenue-generating agencies with N163.193 billion being statutory transfers for the month under consideration.
A statement by the Director of Press and Public Relations in the Office of the Accountant General of the Federation (OAGF), Mr Bawa Mokwa said the FAAC meeting, chaired by the new Accountant-General of the Federation, Dr Oluwatoyin Madein, also explained that current balance in the Excess Crude Account (ECA) stands at $473,754.57
The statement said from the total distributable revenue of N786.161 billion; the Federal Government got N301.889 billion, the State Governments received N265.875 billion and the Local Government Councils received N195.541 billion, even as a total of N22.855 billion went to the oil-producing states as 13 percent derivation revenue.
With the gross statutory revenue of N701.787 billion received for the month of May 2023, the figure 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 Local Government Councils received N102.330 billion. The sum of N22.798 billion was shared among the relevant States as 13% derivation revenue.
Also, the gross revenue available from the Value Added Tax (VAT) of N270.197 billion was higher than the N217.743 billion available in the month of April 2023 by N52.454 billion.
From the N251.607 billion distributable Value Added Tax (VAT) revenue for the month, the Federal Government received N37.741 billion, the State Governments got N125.804 billion and the Local Government Councils went home with N88.062 billion.
Similarly, the N14.370 billion Electronic Money Transfer Levy (EMTL) was shared as follows: the Federal Government – N2.155 billion; the State Governments – N7.185 billion; and the Local Government Councils – N5.030 billion.
Additionally, the three tiers of government also benefitted from the N0.639 billion Exchange Difference revenue with the Federal Government receiving N0.307 billion; the State Governments getting N0.156 billion; and the Local Government Councils – N0.119 billion, while the sum of N0.057 billion went to the relevant States as 13 percent mineral revenue.
