The Federation Account Allocation Committee (FAAC) has shared a total sum of N680.783 Billion May 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) for June 2022, held in Abuja.
The N680.783 billion which is total distributable revenue comprised distributable statutory revenue of N385.004 billion, distributable Value Added Tax (VAT) revenue of N198.512 billion and Electronic Money Transfer Levy (EMTL) revenue of N97.267 billion.
The communiqué also confirmed that from the total distributable revenue of N680.783 billion; the Federal Government received N229.563 billion, the State Governments received N241.824 billion and the Local Government Councils received N175.942 billion. The sum of N33.454 billion was shared to the relevant States as 13% derivation revenue.
A 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.
From the N385.004 billion distributable statutory revenue, the Federal Government received N185.197 billion, the State Governments received N93.934 billion and the Local Government Councils received N72.419 billion. The sum of N33.454 billion was shared to the relevant States as 13% derivation revenue.
The balance in the Excess Crude Account (ECA) was $35.377 million.