The federation account allocation committee (FAAC) says it shared a total sum of N1.65 trillion among the three tiers of government as allocation for May.
This represents a decrease of N30 billion compared to the
N1.68 trillion shared in April.
According to a statement on Wednesday from the finance
ministry, the figure was confirmed in a communique issued at the end of the
FAAC’s June 2025 meeting.
The statement, signed by Mohammed Manga, director of
information and public relations at the ministry of finance, said the meeting
was chaired by Wale Edun, minister of finance and coordinating minister of the
economy.
The ministry said the total revenue distributable was drawn
from a gross revenue of N2.94 trillion.
According to the communique, the total revenue distributable
for May comprises a statutory revenue of N863.89 billion, value-added tax (VAT)
of N691.71 billion, electronic money transfer levy (EMTL) of N27.66 billion,
and the sum of N76.61 billion from exchange difference — bringing the total
distributable amount for the month to N1.65 trillion.
From the distributable amount, the FAAC said the federal government received N538 billion, the states got N577.84 billion, the local governments had N419.96 billion, while oil-producing states received N124.07 billion as derivation (13 percent of mineral revenue).
The communique said N111.90 billion was given for the cost
of collection, while N1.17 trillion was allocated for transfers intervention
and refunds.
‘VAT INCREASED BY N100 BILLION IN MAY’
The committee also said the gross revenue available from the
VAT in May, was N742.82 billion as against N642.26 billion distributed in the
preceeding month, resulting in an increase of N100.56 billion.
“From that amount, the sum of N29.71 billion was allocated for the cost of collection and the sum of N21.39 billion given for Transfers, Intervention and Refunds,” the statement reads.
From the remaining sum of N691.71 billion, the FAAC said the
federal government got N103.75 billion, states received N345.85 billion and the
local governments were given N242.10 billion.
“Accordingly, the Gross Statutory Revenue of N2.09 trillion
received for the month was higher than the sum of N2.08 trillion received in
the previous month by N10.02 billion,” the ministry said.
“From the stated amount, the sum of N81.042 billion was
allocated for the cost of collection and a total sum of N1.149 trillion for
Transfers, Intervention and Refunds.
“For the remaining balance of N863.89 billion, the federal
government got the sum of N393.51 billion, states received N199.59 billion,
while N153.88 billion was allocated to local governments and N116.89 billion was
given to derivation revenue (13 percent mineral producing states).”
The ministry said the N28.82 EMTL revenue was shared with
the federal government (N4.15 billion), states (N13.83 billion), and local
governments (N9.68 billion), while N1.15 billion was allocated for cost of
collection.
The communique added that from the N76.61 billion exchange
difference revenue, the federal government got N36.57 billion, the state
received N18.55 billion, local governments got N14.30 billion, while oil-producing
states received N7.17 billion.
The FAAC noted that company income tax (CIT), VAT, and
import duty increased significantly.
In addition, the committee said petroleum profit tax (PPT),
CET levies, oil and gas royalty, and EMTL recorded decreases, while excise duty
increased only marginally.
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