Naira notes
By MBAFAN ADE, Abuja-
The Federation Account Allocation Committee (FAAC) has shared N1.659 trillion May revenue among the Federal Government, states, and Local Government Councils (LGCs).
According to the communiqué issued after the June meeting of FAAC, the total distributable revenue comprised statutory revenue of N863.895 billion, Value Added Tax (VAT) of N691.714 billion, Electronic Money Transfer Levy (EMTL) of N27.667 billion, and Exchange Difference of N76.614 billion.
The breakdown of the shared revenue is as follows: the Federal Government received N538.004 billion, comprising N393.518 billion from statutory revenue, N103.757 billion from VAT, N4.150 billion from EMTL, and N36.579 billion from Exchange Difference.
State governments received N577.841 billion, comprising N199.598 billion from statutory revenue, N345.857 billion from VAT, N13.833 billion from EMTL, and N18.553 billion from Exchange Difference. LGCs received N419.968 billion, comprising N153.881 billion from statutory revenue, N242.100 billion from VAT, N9.683 billion from EMTL, and N14.304 billion from Exchange Difference.
Benefiting states also received N124.076 billion as derivation revenue from statutory revenue and N7.178 billion from Exchange Difference.
The communiqué noted that the gross revenue available in May was N2.942 trillion, with a total deduction of N111.908 billion for cost of collection and N1.171 trillion for transfers, interventions, and refunds.
Gross statutory revenue increased by N10.023 billion compared to April, while VAT revenue increased by N100.555 billion.
“In May, Companies Income Tax (CIT), VAT and Import Duty increased significantly while CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalty and EMTL recorded decreases,” the communiqué stated.
“Excise Duty increased only marginally,” it added.
