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Nigeria shares N786 bln from revenue generated in May among FG, States, LGs ~FAAC

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Nigeria on Thursday distributed a total of N786.16 billion among the three tiers of government from revenue generated in May 2023, according to a statement by The Federation Account Allocation Committee (FAAC).

The statement showed that the amount shared represents an increase of N130.23 billion compared to the N655.93 billion shared in April 2023.

Also, the revenue shared was the highest this year and the first increase following a consistent decline in the amount of revenue since January.

The meeting was chaired by the new Accountant General of the Federation, Oluwatoyin Madein.

The total amount includes gross statutory revenue, value-added tax, Augmentations from Forex and Non-oil Mineral Revenue, and electronic money transfer levies.

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“The N786.16bn total distributable revenue comprised distributable statutory revenue of N519.55bn, distributable value-added tax revenue of N251.61bn, an electronic money transfer levy of N14.37bn, and Exchange Difference revenue of N0.64 billion,” FAAC communiqué stated.

The Federal Government received N301.89 billion, the states received N265.88 billion, and the local government councils got N195.54 billion, while the oil-producing states received N22.86 billion as derivation (13 percent of mineral revenue).

A further breakdown showed that “Gross statutory revenue of N701.79 billion was received for the month of May 2023. This was higher than the sum of N497.46 billion received in the previous month by N204.324 billion.”

It was noted that from the N519.55 billion in distributable statutory revenue, the Federal Government got N261.69 billion, the State Governments received N132.73 billion, and the Local Government Councils received N102.33 billion. The sum of N22.8 billion was shared with the relevant States as 13 percent derivation revenue.

Also, “For the month of May 2023, the gross revenue available from the Value Added Tax was N270.2 billion.” This was higher than the N217.74 billion available in the month of April 2023 by N52.45 billion.

“The Federal Government received N37.74 billion, the State Governments received N125.80 billion, and the Local Government Councils received N88.06 billion from the N251.61 billion in distributable value-added tax revenue.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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