The Federation Account Allocation Committee (FAAC) said a total of N786.16 billion was shared among the federal government, states and local government areas in May 2023.
The spokesman for the federal ministry of finance, budget and national planning, Mr. Stephen Kilebi, disclosed this in a statement issued at the end of the FAAC meeting held in Abuja yesterday and chaired by the new accountant general of the federation, Dr Oluwatoyin Madein.
Kilebi said the total amount was inclusive of gross statutory revenue, value added tax, augmentations from forex, non-oil mineral revenue, and electronic money transfer levies.
“The N786.16 billion total distributable revenue comprised distributable statutory revenue of N519.55 billion, distributable value added tax revenue of N251.61 billion, electronic money transfer levy of N14.37 billion, and exchange difference revenue of N0.64 billion,” he said.
According to the statement, the federal government received N301.89 billion; states, N265.88 billion; local government councils, N195.54 billion; and oil-producing states, N22.86 billion as 13 per cent mineral revenue derivation.
It also stated that gross statutory revenue of N701.79 billion was received for the month of May 2023 noting that the figure was higher than the sum of N497.46 billion received in the previous month by N204.324 billion.
From the N519.55 billion distributable statutory revenue, the federal government got N261.69 billion, state governments, N132.73 billion; local government councils, N102.33 billion, while N22.8 billion was shared to the relevant states as 13 per cent derivation revenue.
“For the month of May 2023, the gross revenue available from the value added tax was N270.2 billion. This was higher than the N217.74 billion available in the month of April 2023 by N52.45 billion.
“The federal government received N37.74 billion, the state governments received N125.80 billion and the local government councils received N88.06 billion from the N251.61 billion distributable value added tax revenue.
“The N14.37 billion electronic money transfer levy was shared as follows: the federal government received N2.16 billion, the state governments received N7.189 billion and the local government councils received N5.03 billion.
“From the N0.64 billion exchange difference revenue, the federal government received N0.31 billion, the state governments received N0.16 billion, the local government councils received N0.12 billion and the sum of N0.06 billion was shared to the relevant states as 13 per cent mineral revenue,” FAAC stated.
