- In May 2023, the three tiers of government in Nigeria shared a total of N786.161 billion in Federation Account Revenue.
- The distributable revenue included N519.545 billion from statutory revenue, N251.607 billion from Value Added Tax (VAT), N14.370 billion from Electronic Money Transfer Levy (EMTL), and N639 million from Exchange Difference revenue.
- The Federal Government received N301.889 billion, State Governments received N265.875 billion, and Local Government Councils received N195.541 billion from the total distributable revenue. Additionally, N22.855 billion was shared as 13% derivation revenue, and the Excess Crude Account balance was $473,754.57.
The three tiers of government shared the sum of N786.161 billion in May 2023 as Federation Account Revenue.
This was disclosed by the Federation Account Allocation Committee (FAAC) in a communiqué issued at the end of the FAAC meeting for June, chaired by the Accountant General of the Federation (AGF), Dr Oluwatoyin Madein.
They revealed that N786.161 billion was the total distributable revenue comprised of statutory revenue of N519.545 billion and Value Added Tax (VAT) revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N639 million.
Excess Crude Account
The Communiqué disclosed that in May 2023, the total deductions for the cost of collection were N38.238 billion and the total deductions for transfers and refunds were N163.193 billion, adding:
- “The Excess Crude Account (ECA) balance was 473,754.57 dollars. From the total distributable revenue of N786.161 billion; the Federal Government received N301.889 billion, State Governments, N265.875 billion and LGCs, N195.541 billion.
- “A total sum of N22.855 billion was shared with the relevant States as 13 per cent derivation revenue. Revenue received in May surpassed that of April by N204.324 billion.”
Statutory revenue
They added that the Gross statutory revenue of N701.787 billion was received for the month of May 2023.
- “This was higher than the sum of N497.463 billion received in the previous month by N204.324 billion.
- “From the N519.545 billion distributable statutory revenue, the Federal Government received N261.686 billion, the State Governments received N132.731 billion and the LGCs received N102.330 billion.
- “The sum of N22.798 billion was shared to the relevant States as 13 per cent derivation revenue,” the communiqué said.
VAT
For May, gross revenue from the Value Added Tax (VAT) was N270.197 billion, Which was higher than the N217.743 billion available in April by N52.454 billion.
- “The Federal Government received N37.741 billion, the State Governments received N125.804 billion and the LGCs received N88.062 billion from the N251.607 billion distributable VAT revenue.
- “The N14.370 billion EMTL was shared as follows:
- “The Federal Government received N2.155 billion, the State Governments received N7.185 billion and the LGCs received N5.030 billion.
They also revealed that in the month of May, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Value Added Tax (VAT), and Import and Excise Duties increased significantly, while EMTL decreased marginally
