FG, States, LGs share N1.143trn May revenue

…As FAAC meets in Abuja

By Seun Ibiyemi

The Federation Accounts Allocation Committee (FAAC) has shared a total of N1.143 trillion to the federal government, states, and local government councils as revenue for May.

This was announced at the end of the committee’s meeting in Abuja, which was chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The shared revenue comprised of Statutory revenue: N157.183 billion, Value Added Tax (VAT) revenue: N463.425 billion, Electronic Money Transfer Levy (EMTL) revenue: N15.146 billion and Exchange Difference revenue: N507.456 billion

The federal government received N365.813 billion, states received N388.419 billion, and local government councils received N282.476 billion. An additional N106.502 billion was shared to benefiting oil-producing states as derivation revenue.

The gross statutory revenue for May was N1.223 trillion, lower than the N1.233 trillion received in April. The gross VAT revenue was N497.665 billion, also lower than the N500.920 billion available in April.

The committee noted significant increases in Companies Income Tax Oil (CIT) and Petroleum Profit Tax (PPT) in May, while other revenue sources such as Import and Excise Duties, Royalty Crude and Gas, EMTL, CET Levies, and VAT recorded decreases.

The balance in the Excess Crude Account (ECA) stood at $473,754.57