This information was conveyed in a communiqué released after the FAAC meeting held in Abuja. Dr. Oluwatoyin Madein, the newly appointed Accountant-General of the Federation, chaired the meeting, as confirmed by Mr. Bawa Mokwa, the Director of Press and Public Relations.

The N786.161 billion allocation consisted of N519.545 billion as distributable statutory revenue, N251.607 billion as distributable Value Added Tax (VAT) revenue, N14.370 billion as Electronic Money Transfer Levy (EMTL), and N0.639 billion as Exchange Difference revenue. A sum of N38.238 billion was deducted as the cost of collection, which is typically paid to the revenue generating agencies, while N163.193 billion was allocated for statutory transfers.

The Excess Crude Account (ECA) had a remaining balance of $473,754.57. As for the distribution of the total revenue, the federal government received N301.889 billion, state governments received N265.875 billion, and local government councils received N195.541 billion. Additionally, N22.855 billion was shared among oil-producing states as 13% derivation revenue.

For the month of May 2023, a gross statutory revenue of N701.787 billion was received, marking an increase of N204.324 billion compared to the previous month. From the N519.545 billion distributable statutory revenue, the federal government received N261.686 billion, state governments received N132.731 billion, local government councils received N102.330 billion, and N22.798 billion was allocated as 13% derivation revenue to the relevant states.

Regarding Value Added Tax (VAT), a total gross revenue of N270.197 billion was available in May 2023, showing an increase of N52.454 billion compared to April 2023. The federal government received N37.741 billion, state governments received N125.804 billion, and local government councils received N88.062 billion from the N251.607 billion distributable VAT revenue.

Lastly, the N14.370 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the federal government received N2.155 billion, state governments received N7.185 billion, and local government councils received N5.030 billion.