The Federation Account Allocation Committee (FAAC) has shared a total of N1.14 trillion among the three tiers of government for May. This figure represents a decrease of N60 billion compared to the N1.20 trillion shared in April.
The breakdown of the total revenue includes statutory revenue of N157 billion, value-added tax (VAT) revenue of N463 billion, electronic money transfer levy (EMTL) revenue of N15 billion, and exchange difference revenue of N507 billion. The total revenue available in May was N2.32 trillion, with a total deduction for the cost of collection of N76.647 billion and total transfers, interventions, and refunds of N1.104 trillion.
The gross statutory revenue received for May was N1.223 trillion, which is lower than the N1.233 trillion received in April by N9.6 billion. Gross revenue from VAT in May was N497 billion, which is lower than the N500 billion available in April.
The allocation to the three tiers of government is as follows:
- Federal Government: N365 billion
- States: N388 billion
- Local Governments: N282 billion
Additionally, N106 billion was shared with the benefiting states as 13 percent derivation revenue. The breakdown of the statutory revenue includes:
- Federal Government: N61 billion
- States: N30.9 billion
- Local Governments: N23.8 billion
From VAT revenue, the allocation is:
- Federal Government: N69 billion
- States: N231 billion
- Local Governments: N162 billion
The committee also reported that a total sum of N2.2 billion was received by the federal government from the N15 billion EMTL, while state and local governments received N7.5 billion and N5.3 billion, respectively.
The balance in the excess crude account remained at $473.754. The committee noted that companies income tax (CIT) and petroleum profit tax (PPT) increased significantly in May, while import and excise duties, royalty crude and gas, EMTL, CET levies, and VAT decreased considerably
