THE Federation Account Allocation Committee (FAAC) has shared N786.161 billion among the federal government, states and local government councils (LGCs) for May 2023.

The allocation was N130.229 billion higher than the amount shared in April, and was the highest revenue the tiers of government had received since the beginning of this year, after receiving N990.189 billion in December 2022, The ICIR can report.

FAAC shared N750.174 billion to the governments in January, N722.677 billion in February, N714.629 billion in March, and N655.932 billion in April.

In a communiqué issued at the end of the FAAC meeting for June, chaired by the Accountant General of the Federation (AGF), Oluwatoyin Madein, the committee stated that the N786.161 billion was the total distributable revenue, which comprised statutory revenue of N519.545 billion and value-added tax (VAT) revenue of N251.607 billion.

It also included an electronic money transfer levy (EMTL) of N14.370 billion and an Exchange Difference revenue of N639 million.

FAAC said the total deductions for the cost of collection was N38.238 billion, transfers and refunds were N163.193 billion, and the balance in the excess crude account (ECA) was $473,754.57 in May.

Of the N786.161 billion distributable revenue, the federal and state governments received N301.889 billion and N265.875 billion respectively, while LGCs got N195.541 billion.

The committee also disclosed that a total sum of N22.855 billion was shared to the relevant states as 13 per cent derivation revenue, adding that the revenue received in May surpassed that of April by N204.324 billion.

“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,” it explained.

According to FAAC, from the N519.545 billion distributable statutory revenue, the Federal government received N261.686 billion; states, N132.731 billion; and LGCs, N102.330 billion.

It revealed further that N22.798 billion was shared to the relevant states as 13 per cent derivation revenue.

The gross revenue from VAT in the review month was N270.197 billion, higher than N217.743 billion in April.

From the N251.607 billion distributable VAT revenue, the Federal government got N37.741 billion; states, N125.804 billion; and LGCs, N88.062 billion.

The N14.370 billion from EMTL was also shared as the Federal government got N2.155 billion; states, N7.185 billion; and LGCs, N5.030 billion.

FAAC also included in the communique that from N639 million Exchange Difference revenue, the Federal government received N307 million; states, N156 million; and LGCs, N119 million, while a sum of N57 million was shared to the relevant states as 13 per cent mineral revenue.

In May, petroleum profit tax (PPT), companies income tax (CIT), oil and gas royalties, VAT, import and excise duties increased significantly, while EMTL decreased marginally, the committee added