In May, the Federation Account Allocation Committee (FAAC) distributed N786.161 billion to the Federal Government, States, and Local Government Areas.
This was stated in a communiqué published at the conclusion of the FAAC meeting in June 2023.
According to a statement issued by FAAC’s spokesman, Bawa Mokwa, the meeting was presided over by the Federation’s Accountant General, Dr. Oluwatoyin Madein.
Mokwa disclosed that the N786.161 billion total distributable revenue included N519.545 billion in distributable statutory revenue, N251.607 billion in distributable VAT revenue, N14.370 billion in EMTL revenue, and N0.639 billion in exchange difference revenue.
FAAC noted that in May 2023, the total deductions for cost of collection were N38.238 billion and total deductions for transfers and refunds was N163.193 billion.
It added that the balance in the Excess Crude Account (ECA) was $473,754.57.
The statement explained that the Federal Government received N301.889 billion, State Governments received N265.875 billion and Local Government Councils received N195.541 billion.
A total sum of N22.855 billion was shared to the relevant States as 13% derivation revenue, it noted.