FAAC Says FG, States, LGAs Share N786bn May Revenue

The Federation Account Allocation Committee (FAAC) says it shared N786.16bn among the three tiers of Government in May 2023.

The figure represents an increase of N130.23bn compared to the N655.93bn 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, Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levies.

The communique read, “The N786.16bn total distributable revenue comprised distributable statutory revenue of N519.55bn, distributable Value Added Tax revenue of N251.61bn, Electronic Money Transfer Levy of N14.37bn, and Exchange Difference revenue of N0.64 bn.”

The Federal Government received N301.89bn, the States received N265.88bn, and the Local Government Councils got N195.54bn, while the oil-producing States received N22.86bn as derivation (13 per cent of mineral revenue).

A breakdown showed that “Gross statutory revenue of N701.79bn was received for the month of May 2023. This was higher than the sum of N497.46bn received in the previous month by N204.324bn.”

It was noted that from the N519.55bn distributable statutory revenue, the Federal Government got N261.69bn, the State Governments received N132.73bn, and the Local Government Councils received N102.33bn. The sum of N22.8bn was shared to the relevant States as 13 per cent derivation revenue.

Also, “For the month of May 2023, the gross revenue available from the Value Added Tax was N270.2bn. This was higher than the N217.74bn available in the month of April 2023 by N52.45bn. “The Federal Government received N37.74bn, the State Governments received N125.80bn and the Local Government Councils received N88.06bn from the N251.61bn distributable Value Added Tax revenue.