The Federation Account Allocation Committee (FAAC) has that it shared N786.16 billion among the three tiers of government in May 2023.
The figure represents an increase of N130.23 billion compared to the N655.93 billion shared in April 2023, and it is the highest this year and the first increase following a constant decline since January.
FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Thursday.
The meeting was chaired by the new Accountant General of the Federation, Dr. Oluwatoyin Madein.
The total amount includes gross statutory revenue, Value Added Tax (VAT), Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levies.
The communique read: “The N786.16 billion total distributable revenue comprised distributable statutory revenue of N519.55 billion, distributable VAT revenue of N251.61 billion, Electronic Money Transfer Levy of N14.37 billion, and Exchange Difference revenue of N0.64 billion.”
The Federal Government received N301.89 billion, the states received N265.88 billion, and the local government councils got N195.54 billion, while the oil-producing states received N22.86 billion as derivation (13 per cent of mineral revenue).
A breakdown showed that “gross statutory revenue of N701.79 billion was received for the month of May 2023. This was higher than the sum of N497.46 billion received in the previous month by N204.324 billion.”
It was noted that from the N519.55 billion distributable statutory revenue, the Federal Government got N261.69 billion, the State Governments received N132.73 billion, and the Local Government Councils received N102.33 billion. The sum of N22.8 billion was shared to the relevant states as 13 per cent derivation revenue.
Continuing, it said: “For the month of May 2023, the gross revenue available from the VAT was N270.2 billion. This was higher than the N217.74 billion available in the month of April 2023 by N52.45 billion.
“The Federal Government received N37.74 billion, the State Governments received N125. 80 billion and the Local Government Councils received N88.06 billion from the N251.61 billion distributable VAT revenue.
“The N14.37bn Electronic Money Transfer Levy was shared as follows: the Federal Government received N2.16 billion, the state governments received N7.189 billion and the Local Government Councils received N5.03 billion.
“From the N0.64bn exchange difference revenue, the Federal Government received N0.31 billion, the state governments received N0.16 billion, the Local Government Councils received N0.12 billion and the sum of N0.06 billion was shared to the relevant States as 13 per cent mineral revenue.”
