From the nation's May 2023 revenue, the Federation Account Allocation Committee (FAAC) has distributed N786.161 billion to the federal government, states, and Local Government Councils (LGCs).
The total amount of distributable revenue was N786.161 billion, which included N519.545 billion in distributable statutory revenue, N251.607 billion in distributable Value Added Tax (VAT) revenue, N14.370 billion in distributable Electronic Money Transfer Levy (EMTL), and N0.639 billion in distributable Exchange Difference revenue.
In May 2023, the Excess Crude Account (ECA) had a balance of $473,754.57, and the total deductions for the cost of collection were N38.238 billion. Additionally, the total deductions for transfers and refunds were N163.193 billion.
The communiqué, which was signed by Mr. Bawa Mokwa, the Director of Press and Public Relations, stated that the federal government received N301.889 billion, the state governments received N265.875 billion, the councils received N195.541 billion, and the relevant states received N22.855 billion as 13% derivation revenue.
For May 2023, gross statutory revenue totaled N701.787 billion, which was N204.324 billion more than the previous month's total of N497.463 billion.
From the N519.545 billion distributable legal income, the national government got N261.686 billion, the state legislatures got N132.731 billion, and the nearby government regions got N102.330 billion, while N22.798 billion was shared to the applicable states as 13% determination income.
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