The Federation Account Allocation Committee (FAAC), disbursed a total of N786.161 billion to the federal, state, and local governments as their share from the May 2023 Federation Account Revenue.
The meeting was chaired by the new Accountant-General of the Federation, Dr. Oluwatoyin Madein. The distributable revenue consisted of N519.545 billion in statutory revenue, N251.607 billion in Value Added Tax (VAT) revenue, N14.370 billion in Electronic Money Transfer Levy (EMTL), and N0.639 billion in Exchange Difference revenue.
After deducting N38.238 billion as the cost of collection and N163.193 billion for statutory transfers, the remaining balance in the Excess Crude Account (ECA) was $473,754.57.
According to the communiqué, the Federal Government received N301.889 billion, state governments received N265.875 billion, and local government councils received N195.541 billion from the total distributable revenue. Additionally, N22.855 billion was shared with oil-producing states as 13% derivation revenue.
In terms of specific revenue sources, N701.787 billion was received as gross statutory revenue for May 2023, an increase of N204.324 billion compared to the previous month.
From the distributable statutory revenue of N519.545 billion, the Federal Government received N261.686 billion, state governments received N132.731 billion, local government councils received N102.330 billion, and N22.798 billion was shared with relevant states as 13% derivation revenue.
The gross revenue available from Value Added Tax (VAT) for May 2023 was N270.197 billion, higher by N52.454 billion compared to April 2023. From the distributable VAT revenue of N251.607 billion, the Federal Government received N37.741 billion, state governments received N125.804 billion, and local government councils received N88.062 billion.
Lastly, the Electronic Money Transfer Levy (EMTL) of N14.370 billion was allocated as follows: the Federal Government received N2.155 billion, state governments received N7.185 billion, and local government councils received N5.030 billion. The Exchange Difference revenue of N0.639 billion was shared among the Federal Government, state governments, local government councils, and relevant states as 13% mineral revenue.