The Federation Accounts Allocation Committee (FAAC) has distributed ₦1.143 trillion to the three tiers of government.
A communique issued at the end of the committee’s meeting in Abuja indicated that the funds were from May’s Federation Accounts revenue, which totaled ₦2.324 trillion.
The FAAC meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The communique detailed that the ₦1.143 trillion distributable revenue included:
- Distributable statutory revenue: ₦157.183 billion
- Distributable Value Added Tax (VAT) revenue: ₦463.425 billion
- Electronic Money Transfer Levy (EMTL) revenue: ₦15.146 billion
- Exchange Difference revenue: ₦507.456 billion
Total deductions for the cost of collection were ₦76.647 billion, while total transfers, interventions, and refunds were ₦1.104 trillion.
Gross statutory revenue for May was ₦1.223 trillion, a decrease from April’s ₦1.233 trillion by ₦9.604 billion. Gross VAT revenue in May was ₦497.665 billion, also a decrease from April’s ₦500.920 billion by ₦3.255 billion.
From the ₦1.143 trillion total distributable revenue, the allocations were as follows:
- Federal Government: ₦365.813 billion
- State Governments: ₦388.419 billion
- Local Government Councils: ₦282.476 billion
- Oil-producing states received ₦106.502 billion (13% of mineral revenue) as derivation revenue.
For the ₦157.183 billion distributable statutory revenue:
- Federal Government: ₦61.010 billion
- State Governments: ₦30.945 billion
- Local Government Councils: ₦23.857 billion
- Oil-producing states received ₦41.371 billion (13% of mineral revenue) as derivation revenue.
From the ₦463.425 billion distributable VAT revenue:
- Federal Government: ₦69.514 billion
- State Governments: ₦231.713 billion
- Local Government Councils: ₦162.199 billion
From the ₦15.146 billion EMTL revenue:
- Federal Government: ₦2.272 billion
- State Governments: ₦7.573 billion
- Local Government Councils: ₦5.301 billion
From the ₦507.456 billion Exchange Difference revenue:
- Federal Government: ₦233.017 billion
- State Governments: ₦118.189 billion
- Local Government Councils: ₦91.119 billion
- Oil-producing states received ₦65.131 billion (13% of mineral revenue) as derivation revenue.
The communique noted that in May, Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) saw significant increases, while Import and Excise Duties, Royalty Crude and Gas, EMTL, CET Levies, and VAT recorded decreases. The balance in the Excess Crude Account (ECA) was $473,754.57.
