The federal government, states, and local government councils (LGCs) have collectively received N786.161 billion from the Federation Account Allocation Committee (FAAC) for May 2023.

After receiving N990.189 billion in December 2022, the allocation was N130.229 billion higher than the amount allocated in April and marked the highest amount of revenue the tiers of government have collected since the year's beginning.

In January, FAAC distributed N750.174 billion to the governments; in February, N722.677 billion; in March, N714.629 billion; and in April, N655.932 billion.

The FAAC reported that the total distributable revenue for June was N786.161 billion, which was made up of N519.545 billion in statutory revenue and N251.607 billion in value-added tax (VAT) revenue. The communiqué was released at the conclusion of the meeting, which was presided over by Oluwatoyin Madein, the AGF.

Additionally, it included N639 million in exchange difference revenue and N14.370 billion in electronic money transfer levy (EMTL) revenue.

According to FAAC, transfers and refunds totaled N163.193 billion, with the excess crude account (ECA) balance standing at $473,754.57 in May. Total deductions for the cost of the collection were N38.238 billion.

Of the N786.161 billion distributable revenue, the federal and state governments received N301.889 billion and N265.875 billion respectively, while LGCs got N195.541 billion.

The committee also disclosed that a total sum of N22.855 billion was shared to the relevant states as 13 per cent derivation revenue, adding that the revenue received in May surpassed that of April by N204.324 billion.

“Gross statutory revenue of N701.787 billion was received for the month of May 2023. This was higher than the sum of N497.463 billion received in the previous month,” it explained.

The Federal Government earned N261.686 billion from the N519.545 billion distributable statutory revenue, followed by the States with N132.731 billion and LGCs with N102.330 billion, according to FAAC.

It also indicated that N22.798 billion, or 13% of the derivation money, was distributed to the relevant states.

In comparison to April, when VAT gross receipts were N217.743 billion, the review month saw VAT gross receipts of N270.197 billion.

The federal government received N37.741 billion, the states N125.804 billion, and LGCs N88.062 billion from the N251.607 billion distributable VAT revenue.

The federal government received N2.155 billion, the states N7.185 billion, and LGCs N5.030 billion out of the N14.370 billion from EMTL.

FAAC also stated in the communiqué that the relevant states received a total of N57 million as a share of the relevant states' 13.3% share of the exchange difference revenue, which totaled N639 million. The federal government received N307 million, the states received N156 million, and LGCs received N119 million.

The committee said that in May, oil and gas royalties, VAT, import and excise duties, petroleum profit tax (PPT), corporations income tax (CIT), and other taxes climbed dramatically while EMTL decreased a little.