The Federation Account Allocation Committee (FAAC) has shared a total sum of ₦680.783 billion May 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the FAAC meeting for June 2022, held in Abuja.
The ₦680.783 billion total revenue comprised distributable statutory revenue of ₦385.004 billion, distributable Value Added Tax (VAT) revenue of ₦198.512 billion and Electronic Money Transfer Levy (EMTL) revenue of ₦97.267 billion.
In May 2022, the total deductions for cost of collection was ₦36.996 billion and total deductions for transfers and refunds was ₦186.672 billion. The balance in the Excess Crude Account (ECA) was $35.377 million.
The communiqué confirmed that from the total distributable revenue of ₦680.783 billion; the Federal Government received ₦229.563 billion, the State Governments received ₦241.824 billion and the Local Government Councils received ₦175.942 billion. The sum of ₦33.454 billion was shared to the relevant States as 13% derivation revenue.
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A gross statutory revenue of ₦589.952 billion was received for the month of May 2022. This was lower than the ₦635.037 billion received in the previous month by ₦45.085 billion.
From the ₦385.004 billion distributable statutory revenue, the Federal Government received ₦185.197 billion, the State Governments received ₦93.934 billion and the Local Government Councils received ₦72.419 billion. The sum of ₦33.454 billion was shared to the relevant States as 13% derivation revenue.
In the month of May 2022, the gross revenue available from the Value Added Tax (VAT) was ₦213.179 billion. This was higher than the ₦178.825 billion available in the month of April 2022 by ₦34.354 billion.
From the ₦198.512 billion distributable Value Added Tax (VAT) revenue, the Federal Government received ₦29.777 billion, the State Governments received ₦99.256 billion and the Local Government Councils received ₦69.479 billion.
The federal government received ₦14.590 billion; the State Governments received ₦48.634 billion and the Local Government Councils received ₦34.043 billion from the ₦97.267 billion Electronic Money Transfer Levy (EMTL).
According to the Communiqué, in the month of May 2022, Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable increases, Import Duty increased marginally while Petroleum Profit Tax (PPT) and Excise Duties decreased marginally. Oil and Gas Royalties decreased significantly.
