FG, states, LGAs share N680bn as FAAC allocation for May

Saturday, 25 June 2022 06:43

FG, states, LGAs share N680bn as FAAC allocation for May

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FG, states, LGAs share N680bn as FAAC allocation for May

Federation account allocation committee (FAAC) says it shared N680.783 billion with the federal, states and local governments for May 2022.

FAAC said this in a communiqué issued on Friday at the end of its meeting for June 2022, in Abuja.

The figure represents an increase of N44.181 billion (6.7 percent) compared to April when the three tiers shared N636.602 billion.

The total distributable revenue of N680.783 billion comprised statutory revenue of N385.004 billion, value-added tax (VAT) of N198.512 billion and electronic money transfer levy (EMTL) revenue of N97.267 billion.

According to the communiqué, in May 2022, the total deductions for the cost of the collection were N36.996 billion and total deductions for transfers and refunds were N186.672 billion.

The balance in the excess crude account (ECA) was $35.377 million

It added that the federal government received N229.563 billion, states received N241.824 billion and LGAs got N175.942 billion.

The communiqué also said the gross statutory revenue of N589.952 billion was received for the month of May 2022.

This was lower than the N635.037 billion received in the previous month by N45.085 billion.

According to FAAC, a breakdown of the N385.004 billion distributable statutory revenue shows that the federal government received N185.197 billion, states got N93.934 billion and LGAs received N72.419 billion.

However, N33.454 billion was shared with the relevant states as 13 percent derivation revenue.

In May 2022, gross revenue available from the value-added tax (VAT) was N213.179 billion. This was higher than the N178.825 billion available in April 2022 by N34.354 billion.

On the value-added tax of N198.512 billion, federal government received N29.777 billion, states got N99.256 billion and the local governments received N69.479 billion.

Also, the federal government received N14.590 billion, while states got N48.634 billion and LGAs received N34.043 billion from the N97.267 billion electronic money transfer levy (EMTL).

According to the communiqué, in May 2022, companies income tax (CIT) and value-added tax (VAT) recorded considerable increases, import duty increased marginally while petroleum profit tax (PPT) and excise duties decreased marginally.

Oil and gas royalties decreased significantly, FAAC added.

The Cable