FAAC: FG, States, LGs Share N680.783bn

The Federation Account Allocation Committee (FAAC)Friday shared the sum of N680.783 billion to the three tiers of government as federation allocation from revenues earned in the month of May.

A breakdown of the total distributable revenue was drawn from the Statutory Revenue of N385.004 billion, Value Added Tax (VAT) of N198.512 billion and Electronic Money Transfer Levy (EMTL) of N97.267 billion bringing the total distributable for the month to N680.783 billion.

Analysis of the distribution showed that the Federal Government received N229.563 billion, the States received N241.824 billion, the Local Government Councils got N175.942 billion, while the Oil Producing states received an additional N33.454 billion as derivation, (13% of Mineral Revenue).

The FAAC at the end of the meeting, in Abuja, indicated that the Gross Revenue available from the Value Added Tax (VAT) for May 2022 was N189.512 billion.

The distribution is as follows; the Federal Government got N29.777 billion, the States received N99.256 billion, Local Government Councils got N69.479 billion.

Accordingly, the Gross Statutory Revenue of N385.004 billion was distributed, from which the Federal Government was allocated the sum of N185.197 billion, States got N93.934 billion, LGCs got N72.419 billion, and Oil Derivation (13% Mineral Revenue) got N33.454 billion.

A further analysis showed that the sum of N97.267 billion was recovered from the Electronic Money Transfer Levy (EMTL) and distributed as follows: the Federal Government got N14.950 billion, the State received N48.634 billion and the Local Government Councils got N34.043 billion.

Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable increase; Import Duty increased marginally while Petroleum Profit Tax (PPT) and Excise Duties also decreased marginally. However, Oil and Gas Royalties decreased significantly.

The balance in the Excess Crude Account (ECA), as at 24th June, 2022 was put at $35.377 million.