The Federation Account Allocation Committee -FAAC says it shared a total sum of 786.161 billion naira to the Federal Government, States and Local Government Areas as May allocation.
This was contained in a communiqué issued at the end of FAAC meeting for June 2023. The meeting was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein. According to a statement by FAAC’s spokesman, Bawa Mokwa, Mokwa disclosed that the 786.161 billion naira total distributable revenue comprised distributable statutory revenue of 519.545 billion naira, distributable Value Added Tax -VAT revenue of 251.607 billion naira, Electronic Money Transfer Levy of 14.370 billion naira, and Exchange Difference revenue of 0.639 billion naira.
The statement explained that the Federal Government received 301.889 billion, State Governments received N265.875 billion naira and Local Government Councils received 195.541 billion naira. It noted that, total sum of 22.855 billion naira was shared to the relevant States as 13% derivation revenue.