The Federal Government, States and Local Government Areas in Nigeria had shared a whopping ₦786.161 billion in May according to the latest communiqué issued at the end of a meeting held for the Federation Account Allocation Committee (FAAC) in June 2023. The statement by Bawa Mokwa, the FAAC’s spokesman, revealed distributable statutory revenue of N519.545 billion, N251.607 billion was for distributable Value Added Tax (VAT) revenue, N14.370 billion for Electronic Money Transfer Levy (EMTL) and N0.639 billion for Exchange Difference revenue.
- FAAC noted that in May 2023, the total deductions for cost of collection were N38.238 billion.
- Total deductions for transfers and refunds in the same period amounted to N163.193 billion
- The Excess Crude Account (ECA) of Nigeria has a balance of $473,754.57
The Federal Government received a total of N301.889 billion, while State and Local Governments both received N265.875 billion and N195.541 billion respectively.
- N22.855 billion was shared in the form of 13% derivation revenue to the concerned states.
