The Federation Account Allocation Committee (FAAC), at its Meeting shared a total sum of N786.161 billion to the three tiers of government as Federation Allocation for the month of May, 2023.
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference, the Federal Government received N301.889 billion, the States received N265.875 billion, the Local Government Councils got N195.541 billion, while the Oil Producing States received N22.855 billion as Derivation, (13% of Mineral Revenue).
The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for May 2023, was N270.197 billion, which was an increase from the N217.743 billion distributed in the preceding month.
From that amount, the sum of N10.808 billion was allocated for Costs of Collection and the sum of N7.782 billion given for Transfers and Refunds. The remaining sum of N251.607 billion was distributed to the three tiers of government of which the Federal Government got N37.741 billion, the States received N125.804 billion, Local Government Councils got N88.062 billion.
Accordingly, the Gross Statutory Revenue of N701.787 billion received for the month was higher than the sum of N497.463 billion received in the previous month of April, 2023. From that amount, the sum of N26.831 billion was allocated for cost of collection and a total sum of N155.411 billion for transfers and refunds.
The remaining balance of N519.545 billion was distributed as follows: Federal Government was allocated the sum of N261.686 billion, States got N132.731 billion, LGCs got N102.330 billion, and Oil Derivation (13% Mineral Revenue) got N22.798 billion.
Also, the sum of N14.969 billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.155 billion, States got N7.185 billion, Local Government Councils received N5.030 billion, and N0.599 billion was allocated for cost of collection.
The Communique disclosed that the sum of N0.639 billion from Exchange Difference, was shared as follows: Federal Government received N0.307 billion, the States got N0.156 billion, the sum of N0.119 billion allocated to Local Government Councils, and N0.057 billion given for derivation (13% of Mineral Revenue).
Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties and Value Added Tax (VAT) all increased significantly, while Electronic Money Transfer Levy (EMTL) decreased marginally.
According to the Communique, the total revenue distributable for the current month of May, was drawn from Statutory Revenue of N519.545 billion, Value Added Tax (VAT) of N251.607 billion, Electronic Money Transfer Levy, N14.370 billion, N0.639 billion from Exchange Difference, bringing the total distributable amount for the month of May, 2023 to N786.161 billion.
The balance in the Excess Crude Account (ECA) as at June 22, 2023 stands at $473,754.57.
Signed:
Stephen Kilebi
D (Press and Public Relations)
