The Federation Account Allocation Committee (FAAC) at the end of its meeting for the month of June 2023, revealed that the Committee shared N786.161 billion to the Federal Government, States and Local Government Areas from the Federation Account in May.
A communiqué issued at the end of FAAC meeting for June 2023, indicated that the meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein.
FAAC’s spokesman, Bawa Mokwa, in the statement indicated that the N786.161 billion total distributable revenue comprised distributable statutory revenue of N519.545 billion, distributable Value Added Tax (VAT) revenue of N251.607 billion, Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N0.639 billion.
The Committee emphasized that the total deductions for cost of collection in May 2023 were N38.238 billion and total deductions for transfers and refunds were N163.193 billion.
FAAC stated that the balance in the Excess Crude Account (ECA) was $473,754.57.
FAAC in the statement highlighted that the Federal Government received N301.889 billion, State Governments received N265.875 billion and Local Government Councils received N195.541 billion.
The Committee also shared the sum of N22.855 billion, 13% derivation revenue, to the oil producing States.