FAAC FOR MAY 2023: FG, States, LGAs to Share N786.1b (SEE SHARING FORMULA)

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The Federation Account Allocation Committee (FAAC) said it shared a total sum of N786.161 billion to the Federal Government, States and Local Government Areas in May 2023.

This was contained in a communiqué issued at the end of FAAC meeting for June 2023.

The meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, according to a statement by FAAC’s spokesman, Bawa Mokwa, on Thursday.

Mokwa disclosed that the N786.161 billion total distributable revenue comprised distributable statutory revenue of N519.545 billion, distributable Value Added Tax (VAT) revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion.

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FAAC noted that in May 2023, the total deductions for cost of collection were N38.238 billion and total deductions for transfers and refunds was N163.193 billion.

It added that the balance in the Excess Crude Account (ECA) was $473,754.57.

The statement explained that the Federal Government received N301.889 billion, State Governments received N265.875 billion and Local Government Councils received N195.541 billion.

A total sum of N22.855 billion was shared to the relevant States as 13% derivation revenue, it noted.
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