FAAC shares May revenue of N680.783 billion with FG, States and LGs –

The Federation Accounts Allocation Committee (FAAC) has shared a total of N680.783 billion, or May 2022 revenue to the Federal Government, 36 States and 774 Local Government Areas in the country.

This was in a statement released after the FAAC meeting in June 2022, in Abuja.

Total revenue of N680.783 billion comprised distributable statutory revenue of N385.004 billion, distributable Value Added Tax (VAT) revenue of N198.512 billion and Electronic Funds Transfer Tax revenue ( EMTL) of N97.267 billion.

As of May 2022, the total deductions for the cost of collection was 36.996 billion naira and the total deductions for transfers and refunds was 186.672 billion naira. The Excess Crude Account (ECA) balance was $35.377 million.

The statement confirmed that out of the total distributable income of N680.783 billion; the federal government received N229.563 billion, state governments received N241.824 billion and local government councils received N175.942 billion. The sum of N33.454 billion was shared among the affected states as 13% diversion revenue.

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Gross statutory income of 589.952 billion naira was received for the month of May 2022. This was lower than the 635.037 billion naira received the previous month of 45.085 billion naira.

Of the distributable statutory income of N385.004 billion, the Federal Government received N185.197 billion, the States received N93.934 billion and the local councils received N72.419 billion. The sum of N33.454 billion was shared among the affected states as 13% diversion revenue.

As of May 2022, the Gross Disposable Income from Value Added Tax (VAT) was N213.179 billion. This figure was higher than the 178.825 billion naira available in the month of April 2022 of 34.354 billion naira.

Out of the distributable value added tax (VAT) revenue of N198.512 billion, the federal government got N29.777 billion, state governments got N99.256 billion and local governments got N69.479 billion .

The Federal Government secured N14.590 billion; states collected N48.634 billion and local councils received N34.043 billion from the Electronic Funds Transfer Tax (EMTL) of N97.267 billion.

According to the statement, in the month of May 2022, corporate income tax (IRS) and value added tax (VAT) recorded considerable increases, import duties increased slightly while tax on profit oil (PPT) and excise duties decreased slightly. Oil and gas royalties have dropped significantly.

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