The Federation Account Allocation Committee (FAAC) on Friday disclosed that the three tiers of government shared a total sum of N680.783 billion as federation allocation for the month of May 2022.
The committee stated that out of the revenues generated in Gross Statutory Revenue, Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL), the Federal Government received N229.563 billion, the States shared N241.824 billion, the Local Government Councils got N175.942 billion, while the Oil producing states received N33.454 billion as derivation, (13% of Mineral Revenue).
The communiqué issued by the FAAC at the end of its meeting indicated that gross Value Added Tax (VAT) revenue accruals for the month under review totaled N189.512 billion.
According to the FAAC, from the VAT revenue the Federal Government got N29.777 billion, the states received N99.256 billion and the Local Government Councils got N69.479 billion.
It also reported that out of the N385.004 billion Gross Statutory Revenue distributed, the Federal Government was allocated the sum of N185.197 billion, states got N93.934 billion, LGCs received N72.419 billion, and Oil producing states received N33.454 billion beign 13% Mineral Revenue) got.
The FAAC’s communiqué further indicated that the sum of N97.267 billion was recovered from the Electronic Money Transfer Levy (EMTL) and that the Federal Government got N14.950 billion, the State received N48.634 billion and the Local Government Councils got N34.043 billion from the recovered EMTL.
Expatiating further on the distributions to the tiers of government in May, the FAAC further disclosed that Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable increase during the month under review and that Import Duty increased marginally while Petroleum Profit Tax (PPT) and Excise Duties also dropped marginally.
However, it reported that Oil and Gas Royalties significantly decreased in May.
The committee also reported that total revenue distributable for the current month of May was drawn from 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.
It stated that the balance in the Excess Crude Account (ECA), as at 24th June, 2022 totalled $35.377 million.
