The Federation Account Allocation Committee (FAAC) has disbursed a total sum of N786.161 billion as revenue allocation to the federal, state, and local governments. This amount represents their share from the Federation Account Revenue for the month of May 2023, as stated in the communiqué issued at the end of the FAAC meeting held in Abuja.
The meeting, chaired by the new Accountant-General of the Federation, Dr. Oluwatoyin Madein, discussed the revenue distribution. The total distributable revenue of N786.161 billion consisted of N519.545 billion as distributable statutory revenue, N251.607 billion as distributable Value Added Tax (VAT) revenue, N14.370 billion as Electronic Money Transfer Levy (EMTL), and N0.639 billion as Exchange Difference revenue.
A sum of N38.238 billion was deducted as the cost of collection, which is typically paid to revenue generating agencies, while N163.193 billion was allocated for statutory transfers. The Excess Crude Account (ECA) had a balance of $473,754.57.
According to the communiqué, the Federal Government received N301.889 billion, the State Governments received N265.875 billion, and the Local Government Councils received N195.541 billion from the total distributable revenue of N786.161 billion. Additionally, N22.855 billion was shared with oil-producing states as 13% derivation revenue.
The gross statutory revenue for May 2023 amounted to N701.787 billion, showing an increase of N204.324 billion compared to the previous month’s revenue of N497.463 billion. From the distributable statutory revenue of N519.545 billion, the Federal Government received N261.686 billion, the State Governments received N132.731 billion, and the Local Government Councils received N102.330 billion. Furthermore, N22.798 billion was allocated to relevant states as 13% derivation revenue, surpassing the N217.743 billion available in April 2023 by N52.454 billion.
Regarding the distributable Value Added Tax (VAT) revenue of N251.607 billion, the Federal Government received N37.741 billion, the State Governments received N125.804 billion, and the Local Government Councils received N88.062 billion. The Electronic Money Transfer Levy (EMTL) of N14.370 billion was shared, with the Federal Government receiving N2.155 billion, the State Governments receiving N7.185 billion, and the Local Government Councils receiving N5.030 billion.
Lastly, from the Exchange Difference revenue of N0.639 billion, the Federal Government received N0.307 billion, the State Governments received N0.156 billion, the Local Government Councils received N0.119 billion, and N0.057 billion was allocated to the relevant states as 13 percent mineral revenue.
