The Federation Account Allocation Committee (FAAC) has distributed a total of N1.659 trillion as revenue for May 2025 among the Federal Government, states, and local government councils.
The allocation was confirmed in a communiqué issued at the conclusion of FAAC’s June meeting held in Abuja, and released by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation.
According to the communiqué, the N1.659 trillion total distributable revenue comprised N863.895 billion from statutory revenue, N691.714 billion from Value Added Tax (VAT), N27.667 billion from Electronic Money Transfer Levy (EMTL), and N76.614 billion from exchange rate difference.
It noted that gross revenue available for May stood at N2.942 trillion. Deductions for collection costs totalled N111.908 billion, while transfers, interventions, and refunds accounted for N1.171 trillion.
“Gross statutory revenue of N2.094 trillion was received for May, which is higher than the N2.084 trillion recorded in April by N10.023 billion,” the communiqué stated.
“VAT revenue for May stood at N742.820 billion, an increase of N100.555 billion over the N642.265 billion collected in April.”
Out of the N1.659 trillion shared, the Federal Government received N538.004 billion, state governments N577.841 billion, and local government councils N419.968 billion. Additionally, N124.076 billion was allocated to oil-producing states as 13 per cent derivation revenue.
From the statutory revenue of N863.895 billion, the Federal Government got N393.518 billion, the states received N199.598 billion, and local councils were allocated N153.881 billion. A total of N116.898 billion was also shared as 13 per cent derivation revenue.
Of the N691.714 billion VAT revenue, the Federal Government received N103.757 billion, the states N345.857 billion, and local councils N242.100 billion.
From the N27.667 billion EMTL, N4.150 billion went to the Federal Government, N13.833 billion to the states, and N9.683 billion to the local governments.
For the N76.614 billion generated from exchange difference, the Federal Government received N36.579 billion, state governments N18.553 billion, and local councils N14.304 billion, while N7.178 billion was shared as 13 per cent derivation revenue.
The communiqué further noted that in May, revenues from Companies Income Tax (CIT), VAT, and Import Duty rose significantly, while those from CET levies, Petroleum Profit Tax (PPT), Oil and Gas Royalties, and EMTL declined. Excise Duty recorded only a marginal increase.
(NAN)
