The Federation Accounts Allocation Committee (FAAC) has distributed a total of N1.143 trillion among the three tiers of government.
This distribution was based on the May Federation Accounts revenue, which totalled N2.324 trillion.
The announcement came from a communiqué released at the conclusion of the recent FAAC meeting in Abuja, chaired by Mr. Wale Edun, the Honourable Minister of Finance and Coordinating Minister of the Economy.
The communiqué detailed the components of the N1.143 trillion distributable revenue. It included N157.183 billion from distributable statutory revenue, N463.425 billion from distributable Value Added Tax (VAT) revenue, N15.146 billion from the Electronic Money Transfer Levy (EMTL), and N507.456 billion from Exchange Difference revenue.
Deductions for the cost of collection totalled N76.647 billion, while total transfers, interventions, and refunds amounted to N1.104 trillion.
In May, the gross statutory revenue collected was N1.223 trillion, a slight decrease from the N1.233 trillion collected in April, reflecting a reduction of N9.604 billion. Additionally, the gross VAT revenue for May was N497.665 billion, down by N3.255 billion from the N500.920 billion recorded in April 2024.
The communiqué confirmed the allocation of the N1.143 trillion total distributable revenue: the federal government received N365.813 billion, state governments received N388.419 billion, and local government councils received N282.476 billion. Moreover, N106.502 billion, representing 13 percent of mineral revenue, was distributed to oil-producing states as derivation revenue.
Breaking down the N157.183 billion distributable statutory revenue, the federal government received N61.010 billion, state governments received N30.945 billion, and local government councils received N23.857 billion. Benefiting states received N41.371 billion (13 percent of mineral revenue) as derivation revenue.
From the N463.425 billion distributable VAT revenue, the federal government received N69.514 billion, state governments received N231.713 billion, and local government councils received N162.199 billion.
The distribution of the N15.146 billion EMTL revenue saw the federal government receiving N2.272 billion, state governments N7.573 billion, and local government councils N5.301 billion.
For the N507.456 billion Exchange Difference revenue, the federal government received N233.017 billion, state governments N118.189 billion, and local government councils N91.119 billion. Additionally, N65.131 billion (13 percent of mineral revenue) was shared with the benefiting states as derivation revenue.
The communiqué also highlighted that in May, companies income tax oil (CIT) and petroleum profit tax (PPT) saw significant increases. In contrast, import and excise duties, royalty crude and gas, EMTL, CET Levies, and VAT experienced notable decreases. The balance in the Excess Crude Account (ECA) stood at $473,754.57.
