THE Federation Account Allocation Committee (FAAC) has shared a total sum of N680.783 billion in the May 2022 Federation Account revenue to the Federal government, states and local government councils.
FAAC gave this information in a communiqué it issued today at the end of its June 2022 meeting held in Abuja.
The shared amount was N24,181bn higher than the N656.602bn shared in the preceding month of April.
The N680.783bn total distributable revenue comprised distributable statutory revenue of N385.004bn, distributable value added tax (VAT) revenue of N198.512bn, and electronic money transfer levy (EMTL) revenue of N97.267bn.
In May 2022, the total deductions for cost of collection was N36.996bn, while total deductions for transfers and refunds was N186.672bn.
The balance in the Excess Crude Account (ECA) was $35.377 million.
The communiqué confirmed that from the total distributable revenue, the Federal government received N229.563bn, the state governments received N241.824bn and the local government councils received N175.942bn.
The sum of N33.454bn was shared to the relevant states as 13 per cent derivation revenue.
A gross statutory revenue of N589.952bn was received for the month of May 2022. This was lower than the N635.037bn received in the previous month by N45.085bn.
From the N385.004bn distributable statutory revenue, the Federal government received N185.197bn, the state governments received N93.934bn and the local government councils received N72.419bn.
In the month of May 2022, the gross revenue available from VAT was N213.179bn. This was higher than the N178.825bn available in the month of April 2022 by N34.354bn.
From the N198.512bn distributable VAT revenue, the Federal government received N29.777bn, the state governments received N99.256bn and the local government councils received N69.479bn.
The Federal government received N14.590bn; the state governments received N48.634bn and the local government councils received N34.043bn from the N97.267bn EMTL.
According to the communiqué, in the month of May 2022, companies income tax (CIT) and value added tax (VAT) recorded considerable increases, while import duty increased marginally.
Conversely, petroleum profit tax (PPT) and excise duties decreased marginally, as did oil and gas royalties, which decreased significantly.