Connect with us

Economy

FAAC: Revenue Rises as FG, States, LGs Share 680BN for May

Published

on

FAAC: Revenue Rises as FG, States, LGs Share 680BN for May

The federal, state, and local governments shared a total of N680.783bn as federation allocation for the month of May 2022.

The sharing agreement was reached at the Federation Account Allocation Committee (FAAC) meeting held in Abuja.

In preceding month, the Federation Account Allocation Committee (FAAC) had shared a total sum of N636.602 Billion from the Federation Account Revenue to the Federal Government, States and Local Government Councils. However, the total amount generated for the month of April was N656.602 billion.

A statement by the Ministry of Finance on Friday said the generated revenue for the month of May was inclusive of gross statutory revenue,  value-added tax and electronic money transfer levy.

While the Federal Government received N229.563bn, 36 states received N241.824bn, while local government councils got N175.942bn. Also, oil-producing states received N33.454 billion as derivation, which is 13 percent of mineral revenue.

The communiqué issued by FAAC at the end of the meeting indicated that the gross revenue available from VAT for May 2022 was N189.512bn. The Federal Government got N29.777bn, states received N99.256bn while local government councils were given N69.479bn.

The statement also revealed that gross statutory revenue of N385.004bn was distributed, from which the Federal Government was allocated the sum of N185.197bn; states got N93.934bn, just as local governments received N72.419bn.  Oil-producing states got 13 per cent as mineral revenue, amounting to N33.454bn.

The communique also disclosed that the sum of N97.267 billion was recovered from the electronic money transfer levy and distributed to the Federal Government (N14.950bn), states (N48.634bn) and the local government councils (N34.043bn).

The communiqué further revealed that companies income tax and Value Added Tax recorded considerable increase. Import duty increased marginally while petroleum profit tax and excise duties decreased marginally. However, oil and gas royalties decreased significantly.

It was further disclosed that total revenue distributable for the current month of May was drawn from statutory revenue of N385.004bn, value added tax of N198.512bn and electronic money transfer levy of N97.267bn, bringing the total distributable for the month to N680.783bn.

The balance in the Excess Crude Account, as at June 24, 2022, was $35.377m, the statement noted.

Click to comment

Leave a Reply

Your email address will not be published.

Advertisement

multiplex

mebookshelfandi