The Federation Account Allocation Committee has shared N680.783 billion as May 2022 Federation Account Revenue to the Federal Government, State Governments and Local Government Councils.
This was contained in a communiqué at the end of the FAAC meeting for June 2022, held in the Federal Capital Territory.
The N680.783 billion total distributable revenue comprised distributable statutory revenue of N385.004 billion, distributable Value Added Tax revenue of N198.512 billion and Electronic Money Transfer Levy revenue of N97.267 billion.
In May 2022, the total deductions for cost of collection was N36.996 billion and total deductions for transfers and refunds was N186.672 billion.
The balance in the Excess Crude Account was $35.377 million.
The communiqué confirmed that from the total distributable revenue of N680.783 billion, the Federal Government received N229.563 billion, State Governments received N241.824 billion and Local Government Councils N175.942 billion.
The sum of N33.454 billion was shared to the relevant States as 13 per cent derivation revenue.
A gross statutory revenue of N589.952 billion was received for the month of 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, State Governments N93.934 billion and Local Government Councils received N72.419 billion.
According to the Communiqué, in the month of May 2022, Companies Income Tax and Value Added Tax recorded considerable increases, Import Duty increased marginally, while Petroleum Profit Tax and Excise Duties decreased marginally. Oil and Gas Royalties decreased significantly.
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