FG, states, councils share N680.8b May revenue

A total sum of N680.783 billion May 2022 Federation Account Revenue has been shared to the Federal Government, states and local councils by the Federation Account Allocation Committee (FAAC).

This was contained in a statement issued at the end of the FAAC meeting for June 2022 held in Abuja.

The N680.783 billion total distributable revenue comprised statutory revenue of N385.004 billion, distributable Value Added Tax (VAT) revenue of N198.512 billion and Electronic Money Transfer Levy (EMTL) revenue of N97.267 billion.

In May 2022, the total deduction for cost of collection was N36.996 billion and total deduction for transfers and refunds was N186.672 billion. The balance in the Excess Crude Account (ECA) was $35.377 million.

The statement confirmed that from the total distributable revenue of N680.783 billion, the Federal Government received N229.563 billion, the state governments received N241.824 billion and the local councils got N175.942 billion. The sum of N33.454 billion was shared to the relevant states as 13 per cent derivation revenue.

Gross statutory revenue of N589.952 billion was received for May 2022. This was lower than the N635.037 billion received in the previous month by N45.085 billion.

From the N385.004 billion distributable statutory revenue, the Federal Government received N185.197 billion, the state governments received N93.934 billion and the local councils received N72.419 billion. The sum of N33.454 billion was shared to the relevant states as 13 per cent derivation revenue.

In May 2022, the gross revenue available from the Value Added Tax (VAT) was N213.179 billion. This was higher than the N178.825 billion available in April 2022 by N34.354 billion.

From the N198.512 billion distributable VAT revenue, the Federal Government received N29.777 billion, the state governments received N99.256 billion and the local councils received N69.479 billion.

The Federal Government got N14.590 billion; the state governments got N48.634 billion and the local councils received N34.043 billion from the N97.267 billion EMTL.

According to the FAAC, in May 2022, Companies Income Tax (CIT) and VAT recorded considerable increases, Import Duty increased marginally while Petroleum Profit Tax (PPT) and Excise Duties decreased marginally. Oil and gas royalties decreased significantly.