Market News

BY  Ndubuisi Francis in Abuja 

The Federation Account Allocation Committee (FAAC), has shared a total sum of N680.783 billion to the federal government, states and local government councils as May 2022 Federation Account revenue.

This is N24,181 billion higher than the N656.602 billion shared in the preceding month of April.

A communiqué issued at the end of the June FAAC meeting held in Abuja, indicated that the N680.783 billion 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. 

Total deductions for cost of collection for the month of May was N36.996 billion and total deductions for transfers and refunds was N186.672 billion. 

According to a statement issued by the Director (Information, Press and Public Relations), Office of the Accountant General of the Federation, Mr. Hensaw Ogubike, from the the total distributable revenue of N680.783, the federal government received N229.563 billion, the state governments received N241.824 billion while the local governments received N175.942 billion. 

The sum of N33.454 billion was shared to the relevant States as 13 per cent derivation revenue. 

A gross statutory revenue of N589.952 billion was received for the month, which 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 states received N93.934 billion and the local government vouncils received N72.419 billion. 

The sum of N33.454 billion was shared to the relevant states as 13 per cent derivation revenue.   

In the month of May 2022, the gross revenue available from the Value Added Tax (VAT) was N213.179 billion, which was N34.354 billion higher than the N178.825 billion available in the month of April.

After deduction, the distributable VAT revenue of N198.512 billion was shared with the federal government receiving N29.777 billion, the state governments received N99.256 billion and the local governments received N69.479 billion. 

Similarly, the federal government received N14.590 billion; the state governments received N48.634 billion while the local government councils received N34.043 billion from the N97.267 billion Electronic Money Transfer Levy (EMTL).

Companies Income Tax (CIT) and Value Added Tax (VAT) recorded considerable increases in the month while import duty increased marginally.

Petroleum Profit Tax (PPT) and Excise Duties decreased marginally, just as oil and gas royalties decreased significantly.    

The balance in the Excess Crude Account (ECA) as at May 24 stood at $35.377 million.