FAAC allocation to federal govt, subnationals rises to N786.161bn in May
June 23, 2023507 views0 comments
By Onome Amuge
The Federation Account Allocation Committee (FAAC) has shared a total sum of N786.161 billion federation account revenue to the federal government,36 states, and 774 local government councils for May 2023, representing a 130.229 billion increase compared to N655.932 billion for April 2023.
FAAC made the disclosure in a communiqué issued at the end of its latest meeting in Abuja, chaired by Oluwatoyin Madein, the new accountant general of the federation.
It also indicated a significant increase in Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Value Added Tax (VAT), Import and Excise Duties recorded in the month, while Electronic Money Transfer Levy (EMTL) decreased marginally.
The communiqué issued at the end of the meeting said the total distributable revenue comprised distributable statutory revenue of N519.545 billion, distributable Value Added Tax (VAT) revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion.
In May 2023, the total deductions for cost of collection stood at N38.238 billion,and total deductions for transfers and refunds was N163.193 billion. Meanwhile, the balance in the Excess Crude Account (ECA) remained at $473,754.57, same as at April 2023.
A breakdown of the allocations showed that from the N786.161 billion distributable statutory revenue, the federal government received NN301.889 billion , the state governments received N265.875 billion, the local governments got N195.541 billion.Meanwhile, N22.855 billion was shared to the relevant states as 13 per cent derivation revenue, N5.361 billion below N28.216 billion shared in April 2023.
Gross statutory revenue of N701.787 billion was received for the month of May 2023. This was higher than the sum of N497.463 billion received in the previous month by N204.324 billion.
The communiqué disclosed that from the N519.545 billion distributable statutory revenue, the federal government received N261.686 billion, the state governments received N132.731 billion and the local governments received N102.330 billion. The sum of N22.798 billion was shared with the relevant States as 13 per cent derivation revenue.
It further disclosed that for the month of May 2023, the gross revenue available from the Value Added Tax (VAT) stood at N270.197 billion, N52.454 billion higher than the N217.743 billion available in the month of April 2023.
The Federation Account Allocation Committee noted that of the N251.607 billion distributable Value Added Tax (VAT) revenue, the federal government received N37.741 billion, the state governments got N125.804 billion and the local government received N88.062 billion.
According to the communiqué, out of the N14.370 billion Electronic Money Transfer Levy (EMTL), the federal government received N2.155 billion, the state governments received N7.185 billion and the local governments got N5.030 billion.
From the N639 million exchange difference revenue, the federal government got N307 million, the state governments received N156 million, the local governments received N119 million and the sum of N57 million was shared to the relevant states as 13 percent mineral revenue.