By Kadiri Abdulrahman

The Federation Account Allocation Committee (FAAC) has shared N1.659 trillion, being May 2025 revenue among the Federal Government, States and the Local Government Councils (LGCs).

The revenue was shared at the June meeting of FAAC in Abuja on Wednesday.

This is according to a communiqué issued at the end of the meeting, which was made available by Mr Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant-General of the Federation.

The communiqué said that the N1.659 trillion total distributable revenue comprised statutory revenue of N863.895 billion and Value Added Tax (VAT) of N691.714 billion.

“It also comprised Electronic Money Transfer Levy (EMTL) of N27.667 billion and Exchange Difference of N76.614 billion,” it said.

The communiqué said that total gross revenue of N2.942 trillion was available in the month of May.

It said that total deduction for cost of collection was N111.908 billion, while total transfers, interventions and refunds was N1.171 trillion.

“Gross statutory revenue of N2.094 trillion was received for the month of May. This was higher than the sum of N2.084 trillion received in the month of April by N10.023 billion.

“Gross revenue of N742.820 billion was available from VAT in May. This was higher than the N642.265 billion available in April by N100.555 billion,” it said.

The communiqué said that from the N1.659 trillion total distributable revenue, the Federal Government received the sum of N538.004 billion and the state governments received total sum of N577.841 billion.

“The LGCs received N419.968 billion, while the sum of N124.076 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“On the N863.895 billion distributable statutory revenue, the Federal Government received N393.518 billion and the state governments received N199.598 billion.

“The LGCs received N153.881 billion and the sum of N116.898 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue,” it said.

The communiqué further said that from the N691.714 billion VAT revenue, the Federal Government received N103.757 billion, the state governments received N345.857 billion and the LGCs received N242.100 billion.

It said that N4.150 billion was received by the Federal Government from the N27.667 billion EMTL, adding that the state governments received N13.833 billion and the LGCs received N9.683 billion.

“From the N76.614 billion Exchange difference revenue, the Federal Government received N36.579 billion and the state governments received N18.553 billion.

“The LGCs received N14.304 billion, while the sum of N7.178 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“In May, Companies Income Tax (CIT), VAT and Import Duty increased significantly while CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalty and EMTL recorded decreases.

“Excise Duty increased only marginally,” it said. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams